January 9, 2015
A DEFLATIONARY EPOCH:
Jobs Report: U.S. Adds 252,000 Jobs; Unemployment Falls to 5.6% (JEFFREY SPARSHOTT, Jan. 9, 2015, WSJ)
Stagnant wages have limited household budgets and been a check on consumer spending. Average hourly earnings for private-sector workers fell 5 cents to $24.57 in December. The average workweek held steady at 34.6 hours in December.Over the past year, hourly earnings are up a mere 1.7%, barely ahead of inflation's 1.3% rate.
Outsourcing, importing, automation, union decline and reduced employment participation rates mean there's no pressure on wages.
Posted by Orrin Judd at January 9, 2015 4:44 PM
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