How much (more) money we're making – July 2019
Bottom Line: In today's third story breaking down the employment report we'll look at the fun stuff...how much more money we're making. The average hourly wage for all Americans is currently $27.90. With an average work week of 34.4 hours, the average income is now $49,908. That’s $126 more than just a month ago.
Here are the details:
- Earnings are up +6 cents per hour
- +3.1% year over year
- Average person is earning $1,506 more than a year ago
More great news within the job’s report. We’re still making more than 3% over a year ago. Anything above 3% year-over-year gives us the ability to continue to grow the economy by greater than 3%. With consumer spending making up about 70% of the US economy – it's obvious why the economy has been strong and there’s enough here to see that there’s still room for optimism going forward.
It’s never the case that the headline unemployment rate and jobs added or lost will tell the whole story, but that’s especially true once again this month. If you stopped with the headline numbers from the jobs report you’d be left with an incomplete picture. By breaking it all down we see that minorities are benefiting the most from the continued improvement in the jobs market and the average American is enjoying record prosperity.
There are two sides to stories and one side to facts. I’ll continue to provide you with the facts and keep you ahead of the curve.