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https://www.cnbc.com/2019/02/01/nonfarm-payrolls-january-2019.html https://www.cnbc.com/2019/02/01/nonfarm-payrolls-january-201... : On a year-over-year basis,
by rfinney 8y ago
https://www.cnbc.com/2019/02/01/nonfarm-payrolls-january-2019.html https://www.cnbc.com/2019/02/01/nonfarm-payrolls-january-201... : On a year-over-year basis, though, [wages] still amounted to a 3.2 percent increase, consistent with the past few months and around the highest levels of the recovery.
Higher wages are a good thing.
- rgbrenner 8y agoThat's 1% wage growth after adjusting for inflation.
- rfinney 8y agoFair enough, we should adjust for inflation. From Brookings : "Real median household income grew roughly 1.6 percent in 2018" https://www.brookings.edu/blog/up-front/2019/01/31/household-income-likely-continued-to-grow-as-employment-and-wage-gains-lifted-incomes-in-late-2018/ https://www.brookings.edu/blog/up-front/2019/01/31/household... Median household income : $60K . $60K * 0.016 =$960.
- pessimizer 8y ago$20/week
- rgbrenner 8y agonote the reason for using household income: it includes those who were previously unemployed. It's a way of blurring the line between the average person's earnings and unemployment. Of course if we want to know the unemployment rate, there are separate stats that clearly show that. The only reason to include it here is to make wage growth look better than it would otherwise. Removing those who found a job, we get back to the lower 1% number. And a big part of that is people just working longer hours.
- mch82 8y agoAs rgbrenner noted, 1% growth after inflation. For the average salaried American that’s around $1/day increase. Not enough for a gallon of gas or a Starbucks coffee.