July 6, 2007
Wage growth falls 0.1%; poor, minorities hardest hit
Some pretty good jobs numbers today -- that is, unless you are reading them in the New York Times:
Wage gains for most Americans last month were slow, and are most likely still trailing inflation. Compared with June 2006, average hourly earnings for workers in nonmanagement jobs increased 3.9 percent, to $17.38, less than the 4 percent advance in May.
Ahh yes, the heady, halcyon days of last monthwhen wage growth was 4.0% instead of 3.9 -- you can just feel the stagnation in the air.
Hat-tip: Don Luskin, who points out "according to the Bureau of Labor Statistics, inflation is running at 2.7%. How is it that a 3.9% wage increase is "trailing" 2.7% inflation?"