Dollars and Jens
Friday, November 04, 2005
Average weekly wages were up an annualized 6.1%, which, it should be emphasized, doesn't count benefits — only cash wages. This is a couple points higher than real growth can reasonably expected to be; that difference will be a combination of inflation and an increase in the relative share of national income that goes to labor, hopefully more the latter.

The headline number is that non-farm payrolls only increased by 56,000; last month's number was revised up about 30,000, and the household survey showed an increase of over 200,000 jobs (hence the drop in the unemployment rate, which comes from the household survey).

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