Part 3: How much (more) money we're making:
Bottom Line: In today's third story breaking down the employment report from October we'll explore real incomes. The average hourly wage for all Americans is currently $26.53. Here are a couple of highlights:
-2 cents per hour over September
+2.4% year over year
Average hours worked - 34.4 (flat)
So it's now clear that the area of biggest negative impact due to September's hurricanes were food service jobs and that the surge in wage growth in September's numbers was in part due to the loss of the typically lower paying jobs. With an snap back in food service jobs in October we saw a corresponding move with income dropping a touch over September and falling back into the mid-2% growth range which is decent but not good. With a 3% growth economy for six months and 2.4% wage growth, we're seeing wages trail the economic growth rate. 2018 remains the best opportunity for most Americans to seek a raise that we've had in at least twelve years. As we're heading down the homestretch for budgeting for many companies, it's worthwhile for you to make you case for a raise entering the new year if you haven't been participating in increased income of late. With all aspects of the jobs report completed here's our new economic highlight rundown for the next month:
Base unemployment rate is the lowest in 16 years and 11 months
Real unemployment is the best in 11 years
Corporate profits are at all-time highs
The stock market is at all-time highs amid a record run since last November's election
Until next month...