budgets barely are keeping pace with inflation":
...another disappointing trend in the employment numbers was lackluster pay
The average hourly wage rose a nickel in August but stands only 2.2% above
its year-ago level. Household budgets barely are keeping pace with
Coupled with the gain in jobs, total wages and salaries probably grew
modestly last month. But the latest available income data show wages and
salaries fell in July — and those numbers came out before Friday’s revisions
showed fewer jobs were created in July than first thought. ...
The outlook for consumer spending will follow the trend in incomes. But the
latest jobs report suggests businesses are holding the line on both hiring
and pay raises.
Posted by Mark Thoma on Sunday, September 8, 2013 at 12:24 AM in Economics, Income Distribution |