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Biggest Jump in Wages Since 2009

Barack Obama and his White House used to brag about the modest employment gains that occurred after he finally started dragging us out of the recession.

But Obama was creating what Democrats used to derisively refer to as “McJobs,” low paying and part-time employment that kept the country miserable as the economy expanded at a glacially slow pace.

Now we have an economy growing at greater than 3 percent, and not only are jobs being created, but wages are finally rising significantly.

According to the Wall Street Journal, whose reporting is generally unbiased for an MSM newspaper:

U.S. nonfarm payrolls increased a seasonally adjusted 250,000 in October, the Labor Department said Friday. The unemployment rate held steady at 3.7 percent, matching the lowest rate since December 1969. Wages increased 3.1 percent from a year earlier, the best year-over-year gain for average hourly earnings since 2009.

Economists surveyed by The Wall Street Journal had expected 188,000 new jobs in October and a 3.7 percent unemployment rate.

Average hourly earnings for all private-sector workers increased 5 cents last month to $27.30. October marked the first time since the recession ended more than nine years ago that the closely watched pay gauge rose better than 3% from a year earlier.

During the downturn, wages were growing because employers were letting go of less-experienced, lower-paid workers, leaving higher-earning workers on payrolls.

Now the opposite is occurring. With relatively few unemployed Americans looking for work, employers are increasingly having to bid up wages to poach workers from other employers. That has been happening for several years for higher-skilled workers such as engineers and welders, but now it is occurring for relatively lower-skilled jobs such as warehouse workers and home-care aides.

Also of note: The manufacturing sector, left for dead by globalists in both the Republican and Democratic party – and no, I don’t mean Jews, for God’s sake – was one of the biggest gainers, adding 32,000 jobs, with particular strength in durable goods. The labor participation rate, which fell to historic lows under Obama and helped keep his unemployment rate low, rose 0.2 percent, a good sign.

You didn’t have to tune into Fox this time to hear some good news.

One Response to Biggest Jump in Wages Since 2009

  1. Yes, this is good news. A couple things.

    Lots of people overseas would love to make $27.30 a day. Right now Nicaragua is going through some tough economic times because of all the protests against Daniel Ortega. My neighbor’s brother is still there. He has a job. He was told he could keep his job but would have to take a cut to $50/month. (Don’t worry about Nicas headed north. They go south. It is much safer for them.)

    I am out of the work force. That figure hovers around 95 million. I’d like to see that go down. After all someone has to pay income taxes so I can still get my SS check.

    https://data.bls.gov/timeseries/LNS15000000