Wow! The unemployment rate supposedly just went to the lowest rate since 2008. That should be awesome news (if true), but it really isn’t because wages aren’t increasing. It’s stories like these that foster the impression of a recovery even though there is no actual, you know, recovering going on. You could create 10 billion low-wage jobs in one month, but if they’re all low-wage, part-time, subsistence jobs, is that a recovery? Of course not.
From the AFP:
The pace of wage increases — which should rise in a tightening labor market — was also barely higher. At $24.78, average hourly wages were up three cents from January, a bare 0.1 percent.
Baker says the data shows wage increases are slowing rather than picking up pace as expected with the strong hiring. Over the last three months wages have risen at a 1.8 percent annual pace, compared to 2.0 percent previously.