Average Earnings and Hours Continued Slightly Rising Trend In August

Average hourly earnings were up 1.8% y/y in August.  Average weekly earnings were up 2.1%.  Average hours worked were up 0.3%. The gain in weekly earnings appears to be largely due to slowly rising wage rates.

Average Weekly Earnings - Click to enlarge

Average Weekly Earnings – Click to enlarge

 

Average Weekly Hours Worked - Click to enlarge

Average Weekly Hours Worked – Click to enlarge

Salaried, commissioned, and “bonused” workers do not seem to have done significantly better than the hourly working stiffs in both July and August, as had been the case for many months previously. The uptrends in hours and earnings could be a sign that the labor market is tightening in spite of the huge numbers of people out of work. The issue may be that many of the unemployed do not possess the skills that are in demand in the market. Mortgage application takers and processors, and construction laborers generally do not make good computer game programmers. Economic pundits must face the fact that the 10 million fake jobs spawned by the bubble are not coming back. An 8.5% unemployment rate is “normal.”  The bubble unemployment rate of 5.5% was abnormal.

 

This post is an excerpt from the permanent Employment Charts page, updated whenever new data becomes available. For long term charts of employment, initial claims, and other employment measures visit the Employment Charts page. Be sure to check out the section on real time Federal withholding taxes.

Click here to try the Professional Edition for 30 days risk free.

More Economic Charts

Follow my comments on the markets and economy in real time @Lee_Adler on Twitter!


Stay up to date with the machinations of the Fed, Treasury, Primary Dealers and foreign central banks in the US market, along with regular updates of the US housing market, in the Fed Report in the Professional Edition, Money Liquidity, and Real Estate Package. Try it risk free for 30 days. Don’t miss another day. Get the research and analysis you need to understand these critical forces. Be prepared. Stay ahead of the herd. Click this link and begin your risk free trial NOW!

 

Share!Tweet about this on TwitterShare on FacebookShare on LinkedInEmail this to someonePrint this page

Click here to try the Professional Edition for 30 days risk free.