Real Earnings Increase in December By 2.9%
Although it seems to have gone largely unreported, the BLS reported today that real average weekly earnings increased in December 2008 by 2.9% compared to December 2007. This follows a 2.25% increase in November earnings, and the 2.9% December increase represents the second largest increase in real earnings in more than ten years (see chart above).
6 Comments:
It will be reported on Wednesday so that the media can give Obama the credit
Perfesser, I know you keep saying let's not compare it to the great depression, but I am reminded of a quote "during the depression, you were OK if you had a job."
I wonder what the numbers do after you add in the folks who are now making nothing, or unemployment benefits.
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I am afraid the increased earnings are an indication of businesses ramping inventories to prepare for layoffs.
Labor markets are slow to adjust to reality.
People are unemployed because wages are too high.
We are having deflation and wages should be coming down.
I actually saw a headline in Los Angeles that some employers are cutting wages across the board in order to avoid layoffs.Some people have common sense.
The Dec 08 average weekly wage has not increased since August.
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