We’ve come a long way, baby. Or not.
According to the US Bureau of Labor Statistics, the Average Hourly Earnings of Production and Nonsupervisory Employees grew at 2.4% YoY in October. Sounds impressive, no?
Average Hourly Earnings of Production and Nonsupervisory Employees YoY is lower than even in 1965 under Lyndon B. Johnson (LBJ). That is when LBJ and Congress launched “The Great Society” programs.
But notice that the “miraculous” jobs recovery since The Great Recession has been THE WORST WAGE RECOVERY BY FAR SINCE 1965. All other recoveries have exceeded 4% growth, at least for a short while.
And Average Hourly Earnings of ALL EMPLOYEES YoY is finally above the LOWEST LEVEL DURING THE GREAT RECESSION!! Well done, Washington DC!!!
But even one of the strongest sectors of the Obama/Fed jobs recovery is showing a slowdown YoY: Food Services and Drinking Places.
“All the way with LBJ” to lower wage growth.
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