Many in the press are claiming the increase in wages from the February employment report implies the economy is back on track, all is well and things are all looking up. We beg to differ. The average hourly wage did increase by 4¢ to $23.82 for all those employed by the private sector and has increased 2.1% from a year ago. The below graph shows what many are cheering over.
The November 2011 unemployment report showed 120,000 new payroll type jobs were added. Additionally, September job growth was revised from +158,000 to +210,000. October nonfarm payrolls was also revised up, from +80,000 to +100,000.
September's unemployment report is worse than the 58,000, sans striking Verizon workers, job growth. People being forced into part-time jobs skyrocketed by 444,000 in a month, to a tally of 9,270,000 people.
August's unemployment report is worse than the big fat zero in job growth. People being forced into part-time jobs skyrocketed by 430,000 in a month, to a tally of 8,826,000 people. That's a 5.12% monthly jump. People in part-time jobs due to slack work conditions increased 146,000, or 2.5%.
Recent comments