I'm not sure this report convinces us that a recovery is underway in the labor market in any big way.
More Quotes from Jared Bernstein:
It's a mistake to think that any increase in wages is inflationary and there is substantial room for non-inflationary wage growth, particularly at the bottom end of the scale.Jared Bernstein
In the absence of immigrant labor, wages might be a bit higher, particularly in sectors that hire lots of low-skilled labor, which could potentially show up as slightly higher prices.
Jared Bernstein
The inflation bar is very high right now, ... doesn't get you over.
Jared Bernstein
Clearly, Katrina hasn't shown up in the jobless claims yet, but it will, ... Next month, we're going to be looking at one of the largest one month negative spikes in the history of this series, going back to the '30s.
Jared Bernstein
With stagnant hourly wages, the only way for working families to get ahead is by working more hours, ... certainly not the path to improving living standards that we'd expect in an economy posting strong productivity gains.
Jared Bernstein
Many of our overall indicators are percolating along just fine, but the growth continues to elude many working families, especially those in the middle and low end.
Jared Bernstein
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