Friday, January 16, 2009

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:

At 1/17/2009 12:00 AM, Anonymous Anonymous said...

It will be reported on Wednesday so that the media can give Obama the credit

 
At 1/17/2009 1:33 AM, Blogger misterjosh said...

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.

 
At 1/17/2009 7:22 AM, Blogger NoWhining said...

This comment has been removed by the author.

 
At 1/17/2009 10:15 AM, Anonymous Anonymous said...

I am afraid the increased earnings are an indication of businesses ramping inventories to prepare for layoffs.

 
At 1/17/2009 12:47 PM, Blogger bix1951 said...

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.

 
At 1/17/2009 7:33 PM, Anonymous jill said...

The Dec 08 average weekly wage has not increased since August.

 

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