Here are some more data on our economic condition:
- US wholesale prices in August had the largest one-month gain in more than three years
- The producer-price index, which measures how much manufacturers and wholesalers pay for finished goods, increased a seasonally adjusted 1.7% in August from July
- Prices for intermediate goods—which are semifinished goods, like lumber or flour, that require further processing—grew 1.1% in August from July
- Prices of raw materials increased 5.8% in August, suggesting prices for finished goods will rise further in the future
- [I]nitial jobless claims were up 15,000 to a seasonally adjusted 382,000 in the week ended Sep 8. Economists surveyed by Dow Jones Newswires had expected “only” 370,000 new applications
And these data [emphasis mine]:
The income of the typical US family has fallen to levels last seen in 1995. Census Bureau said annual household income fell in 2011 for the fourth straight year to an inflation-adjusted $50,054. …it will be a generation before Americans regain the peak income levels reached at the close of the ’90s
Here’s a graph of what that looks like:
Notice that: Not only is income much lower than the Evil Bush years, it’s still falling.
The monthlies are snapshots, and should be taken with a grain of salt, certainly. But they also bear watching, especially in light of those falling incomes under the Obama administration, and the inflation trap his Fed chief, Ben Bernanke, is building in with all that dollar injection.
And the guy who sometimes sits in the President’s chair actually said this, as though he believed it,
[W]e have made progress digging our way out of the worst economic crisis since the Great Depression[.]