4.8% Wage Growth in Yesterday's Jobs Report

[Norbert]

This was somehow omitted by the MSM but is very significant. Stagnant wages may finally be not so stagnant.

Link to tweet

[Johnny2X2X]

1. It's record breaking

We haven’t seen wave growth like this in generations. Wage growth will outpace inflation.

[Walleye]

2. Many hard-core capitalists think of payroll as highway robbery

They are always thinking how much money they could make if they didn’t have to pay people to work for them

[lark]

3. My son who is basically a restaurant ee because of his past record, went from $9.75 to $12.00.

Of course, he has to work nights to get that much, but it's 1-1/2 miles from his house so easy walking distance.

[mopinko]

4. restaurants in chicago are def paying more.

a young friend of mine manages a small place, and they are hurting for help, and inching up the pay.
he's only been in the biz a few years, and he's hiring cooks for a lot more than what he got out of culinary school.

[W_HAMILTON]

10. Anecdotal story here as well, but a friend got a $5/hour raise.

By switching from his old restaurant job to a new restaurant recently.

[mahatmakanejeeves]

5. Is The Wall Street Journal. mainstream enough for you?

As Joe Lockhat's tweet begins,

4.8% wage growth reported today.

Maybe he read it in The Wall Street Journal.

Sat Dec 4, 2021: Wages Shoot Up in Travel, Food and Other In-Demand Industries

ECONOMY | U.S. ECONOMY

Wages Shoot Up in Travel, Food and Other In-Demand Industries

November jobs report also offers early signals that wage growth may be easing

By Gabriel T. Rubin
https://twitter.com/Rubinations
Updated Dec. 3, 2021 3:54 pm ET

U.S. wages continue to rise at a brisk pace in November, particularly in sectors with the most acute labor shortages, Friday’s jobs report showed.

Average hourly earnings were 4.8% higher in November compared with a year ago for all private industries, the Labor Department said in its November employment report that also showed payrolls increasing by 210,000 and the unemployment rate dropping to 4.2%.

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[dutch777]

6. Key question is how equitably is that spread to through the work force? If some get 25% and some 0%

that is not raising all boats. I have a kid in tech and about every year or so he changes jobs and gets an extra 10 to 15% bump in salary to do so but that tilts the average higher but may not help everyone. I am glad to see more and more jobs advertised as well beyond the minimum wage. Now if more folks could also get decent benefits so they don't have to worry about getting wiped out financially if they or a family member get seriously ill, then we'd really be seeing progress.

[sinkingfeeling]

7. Shush. That's not to be spoken about.

[Midnight Writer]

8. Been watching the Help Wanted sign at local McDonald's go from $10 to 11 to 12 and now at $14

[madville]

9. It's hard to sell it to the public when

When the price of everyday things are up significantly more than that over the same period. Used cars are up 25%, gas up 50%, home heating fuel up 75%, beef prices up 20%, etc. Inflation was up 6.2% so people are still losing ground.

That’s the danger of trying to run on or promote one positive tidbit of economic news, people only view it through their lens. Hardly anyone woke up this morning and said, it’s going to be a great day because wages grew 4.8%. Instead they went to the gas station or grocery store and thought “This is worse than it was a year ago”.