MORE JOBS, LESS WAGES

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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.

About eggsistense

Writer, musician, cartoonist, human being
This entry was posted in Crap-italism, Everything Is Rigged, Federal Reserve, Wage slavery, Wages and tagged , , . Bookmark the permalink.

One Response to MORE JOBS, LESS WAGES

  1. eggsistense says:

    More on this silly report: http://www.prisonplanet.com/another-dubious-jobs-report-paul-craig-roberts.html
    “According to the payroll jobs report today (March 6) the economy created 295,000 new jobs in February, dropping the rate of unemployment to 5.5%. However, the BLS also reported that the labor force participation rate fell and the number of people not in the labor force rose by 354,000.

    In other words, the unemployment rate dropped because the labor force shrunk.

    If the economy was in recovery, the labor force would be growing and the labor force participation rate would be rising.

    The 295,000 claimed new jobs are highly suspect. For example, the report claims 32,000 new retail jobs, but the Census Bureau reports that retail sales declined in December and January. Why would retailers experiencing declining sales hire more employees?”

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