The economy is terrible! Er, isn't it?
Hiring, Wages Up Strongly in December: Financial News - Yahoo! FinanceMaybe not.WASHINGTON (AP) -- Ending 2006 on a positive note, employers boosted hiring and fattened workers' paychecks in December, capping a year in which the country's unemployment rate averaged a six-year low of 4.6 percent.
The tally of jobs exceeded forecasts and was the most since September. Employment gains also turned out to have been stronger in both October and November with 29,000 more jobs being created in those two months combined than the government had estimated.Pretty much every retail business I've seen lately has had 'Help Wanted' signs up. To me, that means they're having real problems finding folks that will do the work for the wages they're offering (because they can get better elsewhere) ... Low level retail's pretty much a starter or part time job anyway - and if they have joibs going begging that means the pool of available workers must be pretty small.Sharing in last month's gains were architectural and engineering outfits, hospitals and doctors' offices, banks, computer design firms, bars and restaurants, hotels and motels, and schools. Those increases swamped job losses in construction and manufacturing that reflected fallout from the troubled housing and automotive sectors. Retailers also cut workers.
"The economy seems to be weathering the storm clouds in the auto and housing industries. Employers are putting out the hiring signs -- though they are not being overly aggressive -- and workers are earning more money," said Lynn Reaser, chief economist at Bank of America's Investment Strategies Group.
As far as pay goes...
Workers, many of whom had seen their pay eaten by inflation, saw their average hourly earnings jump to $17.04 in December, a 0.5 percent rise from the prior month.Heh. Give me a 4.5% raise this year, and I'll toss 2% of it into my Roth and help drive overall economic activity with the other 2.5%...Over the past 12 months, wages grew by a strong 4.2 percent, a gain last exceeded in November 2000. Wages are now growing faster than consumer prices, which should leave people with more money to spend. That's good for workers and for the economy because consumer spending is a big force driving overall economic activity.
It's really hard to convince myself that things are as bad as they supposedly are.
J.
Comments (6)
Jerry, this is obviously due to the Democratic victories in last year's elections.
And when the indicators slump, it will be due to Republican obstructionism.
(Or maybe because of the machinations of Emmanuel Goldstein.)
Posted by F451 | January 6, 2007 2:21 PM
Posted on January 6, 2007 14:21
Since Bush took office our Families spendable income has risen tremendously, due to lower taxes, lower interest rates and a stronger economy.
Imagine that.
Posted by Hammer | January 6, 2007 4:55 PM
Posted on January 6, 2007 16:55
But under a Democratic administration, Hammer, you've got a guaranteed slot in the poorhouse. And by damn, they'll get you there too...
J.
Posted by JLawson | January 6, 2007 10:24 PM
Posted on January 6, 2007 22:24
Ron -
I know you're being sarcastic, but it's all too true. When things turn sour because of tax increases and the like, look to them blaming republican policies for the downturn.
J.
Posted by JLawson | January 6, 2007 10:26 PM
Posted on January 6, 2007 22:26
Why, just the other day, Jesse Jackson was complaining about the high unemployment.
Neil Cavuto couldn't believe his ears.
Posted by Ben USN, (Ret) | January 9, 2007 8:12 AM
Posted on January 9, 2007 08:12
Yeah, I heard that too. Jesse's a scam artist who depends on there being trouble - he CAN'T admit that things are going well. Once his house of cards starts to shake, that's it...
J.
Posted by JLawson | January 9, 2007 11:34 PM
Posted on January 9, 2007 23:34