Friday, November 03, 2006
Aug 06 230 (123)
Sep 06 148 (51)
Oct 06 92 (---)
Contemplate that a second: We added 107,000 jobs to the August estimate and 97,000 to the September estimate, and created 92,000 more in October. Will anyone credit the economy (or, more to the point, the Bush Administration) with 296,000 new jobs? Not bloody likely.
If you don't think this is actually good news consider this:
Average hourly earnings of production or nonsupervisory workers on private nonfarm payrolls rose by 6 cents, or 0.4 percent, in October to $16.91, seasonally adjusted. Average weekly earnings rose by 0.7 percent in October to $573.25. Over the year, average hourly earnings increased by 3.9 percent and average weekly earnings increased by 4.2 percent.For the 12 months to September, real wages are up 2.4%; this increase will likely push that number higher. Will this get covered? Again, quite unlikely. But I think any chance of a decrease in the Fed Funds rate any time soon has diminished quite a bit with this piece of news.