How much money we're making – October 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 $28.09. With an average work week of 34.4 hours, the average income is now $50,247. This is just the second month in American history with the average full-time employed person earning more than $50k, although it did take a slight dip over a month ago as average hourly earnings dropped about a penny per hour. With new workers coming into the fold.
Here are the details:
- Earnings were down 1 cent per hour over last month
- +2.9% year over year
- Average person is earning $1,414 more than a year ago
This is the only aspect of this month’s job report that wasn’t exceptional. Earnings increases slipped to just under 3% for the first time this year. Otherwise the news still looks great. Earnings over $50k for just the second month in American history. Lowest overall unemployment rate since December of 1969. Second lowest real unemployment rate in American history. Record low unemployment for essentially everyone who isn’t a white man. It’s goes on and on. The labor market is performing extremely well as is our economy. What you hear to the contrary is false reporting by people who either don’t grasp what they’re reporting, or agenda driven to attempt to talk down the economy. It’s just not reality. Here’s a direct quote from me a month ago as well...
- Significant revisions continue with the government numbers and are likely to continue given the significant difference in private sector hiring (nearly 100k) between the ADP Report and the government report. Expect positive jobs revisions in future months
Once again, I haven’t made a career out of being wrong. The 45,000 jobs worth of upward revisions is what took this month’s report from being solid, to exceptional. Good stuff. 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.