‘I Blame Bush’ Econ Entry of the Day
From the Bureau of Labor Statistics:
Real average weekly earnings rose by 1.3 percent from September to October after seasonal adjustment, according to preliminary data released today by the Bureau of Labor Statistics of the U.S. Department of Labor. This increase stemmed from a 0.3 percent increase in average weekly hours combined with a 0.4 percent increase in average hourly earnings and a 0.7 percent decrease in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
….. Average weekly earnings rose by 4.2 percent, seasonally adjusted, from October 2005 to October 2006. After deflation by the CPI-W, average weekly earnings increased by 3.2 percent.
The above is after a 1.0% increase (PDF) from August to September. That’s 2.3% in two months. For those saying that it’s all due to gas price decreases, the tremendous improvement in the past full year refutes that idea.
Yes there are many people having a hard time in this economy, as there are in any economy, but spare me the babble claiming that “the average person is not better off.”
