Wash Times: Wages, jobs show solid, steady gains
Bush hails employment as 'defying pessimists'
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JoeUser Forums
JoeUser Forums
Gee, wasn't I seeing some headlines recently from the king of the Bush non-truths that claimed just the opposite was happening?
Anecdotally, I know that things have been improving in my area, though we still aren't on completely solid ground, and there are still cuts being made in some sectors (mostly through attrition now, which is a far more fair and humane way -- in my book -- of handling such cuts), but for the most part as I talk to others and observe what is going on around me, I'm seeing more help wanted signs, and finding more places where there's a need to add more workers.
In terms of wages, I don't know yet what the future really holds for myself and my friends. We're getting into the cycle of yearly reviews and salary adjustments, and hopefully all will go well. If things go normally, then the wage increases will be in-line with those discussed in the article below.
There are other issues to be concerned with too, including looming price increases for electricity in Maryland, where apparently some of the politicians didn't learn the lessons of the mess of a few years back in California that well. Hopefully things will turn out better here than there, but it depends on what the blow-hard lawmakers get done, and just how much lobbying the electric companies get done to get through some sort of increases. The increases are pretty much inevitable, but hopefully they'll be reasonable and tolerable.
To get back to the Washington Times article and the real point of this thread/article, I'm clipping part of the original article below. Please click the headline (linked) to get to the complete article.
Wages, jobs show solid, steady gains
Bush hails employment as 'defying pessimists'
By Patrice Hill
THE WASHINGTON TIMES
March 11, 2006
Wages rose by the most since 2001 and jobs posted solid gains last month, offering some relief for financially strapped consumers faced with climbing costs for energy, housing and other needs.
The Labor Department yesterday reported a 243,000 increase in jobs in a wide range of professions from health care and construction to finance and education -- the latest in a string of gains since November that have drawn the unemployment rate down sharply to 4.8 percent.
The growth in jobs last month was so strong it enticed 335,000 new job seekers into the market, causing the jobless rate to tick up from 4.7 percent -- the 41/2-year low reached in January.
"The economy is generating plenty of jobs -- that's good news," said Bernard Baumohl, executive director of the Economic Outlook Group, noting that last month was one of the best months for jobs since 2004.
The 3.5 percent gain in average wages over the past year is particularly welcome for overstretched consumers who have maxed out on debt and are nearing the end of their rope coping with higher costs for essential items.
But, unfortunately, Mr. Baumohl said, the wage increase was just enough to cover inflation, leaving workers with no real increase in purchasing power.
"This certainly should not be construed as a breakout in wages," he said.
President Bush trumpeted the job news, which pointed to robust economic growth in the first quarter and helped send the Dow Jones Industrial Average up 104 points to 11,076.
"American workers are defying the pessimists," Mr. Bush declared. "Our economy is strong."
The report was the latest to suggest a substantial strengthening in the job market that is giving workers some bargaining power for higher wages and a wider selection of jobs than seen since the 1990s.
Another report out earlier this week showed a surge in labor costs and an unusual drop in productivity during the fourth quarter as employers added new staff rather than wring out more efficiencies from their existing staff to take on new business.
Roger M. Kubarych, economist at HVB Group, said the job report shows the economy is rebounding moderately from a sharp slowdown last fall after two Gulf Coast hurricanes drove up unemployment and sent energy prices soaring to record levels.
... more at linked article
Anecdotally, I know that things have been improving in my area, though we still aren't on completely solid ground, and there are still cuts being made in some sectors (mostly through attrition now, which is a far more fair and humane way -- in my book -- of handling such cuts), but for the most part as I talk to others and observe what is going on around me, I'm seeing more help wanted signs, and finding more places where there's a need to add more workers.
In terms of wages, I don't know yet what the future really holds for myself and my friends. We're getting into the cycle of yearly reviews and salary adjustments, and hopefully all will go well. If things go normally, then the wage increases will be in-line with those discussed in the article below.
There are other issues to be concerned with too, including looming price increases for electricity in Maryland, where apparently some of the politicians didn't learn the lessons of the mess of a few years back in California that well. Hopefully things will turn out better here than there, but it depends on what the blow-hard lawmakers get done, and just how much lobbying the electric companies get done to get through some sort of increases. The increases are pretty much inevitable, but hopefully they'll be reasonable and tolerable.
To get back to the Washington Times article and the real point of this thread/article, I'm clipping part of the original article below. Please click the headline (linked) to get to the complete article.
Wages, jobs show solid, steady gains
Bush hails employment as 'defying pessimists'
By Patrice Hill
THE WASHINGTON TIMES
March 11, 2006
Wages rose by the most since 2001 and jobs posted solid gains last month, offering some relief for financially strapped consumers faced with climbing costs for energy, housing and other needs.
The Labor Department yesterday reported a 243,000 increase in jobs in a wide range of professions from health care and construction to finance and education -- the latest in a string of gains since November that have drawn the unemployment rate down sharply to 4.8 percent.
The growth in jobs last month was so strong it enticed 335,000 new job seekers into the market, causing the jobless rate to tick up from 4.7 percent -- the 41/2-year low reached in January.
"The economy is generating plenty of jobs -- that's good news," said Bernard Baumohl, executive director of the Economic Outlook Group, noting that last month was one of the best months for jobs since 2004.
The 3.5 percent gain in average wages over the past year is particularly welcome for overstretched consumers who have maxed out on debt and are nearing the end of their rope coping with higher costs for essential items.
But, unfortunately, Mr. Baumohl said, the wage increase was just enough to cover inflation, leaving workers with no real increase in purchasing power.
"This certainly should not be construed as a breakout in wages," he said.
President Bush trumpeted the job news, which pointed to robust economic growth in the first quarter and helped send the Dow Jones Industrial Average up 104 points to 11,076.
"American workers are defying the pessimists," Mr. Bush declared. "Our economy is strong."
The report was the latest to suggest a substantial strengthening in the job market that is giving workers some bargaining power for higher wages and a wider selection of jobs than seen since the 1990s.
Another report out earlier this week showed a surge in labor costs and an unusual drop in productivity during the fourth quarter as employers added new staff rather than wring out more efficiencies from their existing staff to take on new business.
Roger M. Kubarych, economist at HVB Group, said the job report shows the economy is rebounding moderately from a sharp slowdown last fall after two Gulf Coast hurricanes drove up unemployment and sent energy prices soaring to record levels.
... more at linked article
