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In reply to the discussion: Payroll employment rises by 223,000 in June; unemployment rate declines to 5.3% [View all]progree
(10,985 posts)[font color = blue]>> This is the McJobs effect.<< [/font]
Oh, I don't think so. It's not surprising that we have a recent slowdown in compensation growth, given that the Consumer Price Index has been basically flat over the past 12 months ( +0.2% )
http://data.bls.gov/timeseries/CUSR0000SA0
While the Employment Cost Index is up 2.0% over the past 12 months. Which translates to an inflation-adjusted increase of about 1.8% (2.0 - 0.2 = 1.8).
In the past year, the INFLATION ADJUSTED Weekly Earnings of Production and Non-Supervisory Workers is up 2.2%
And better than under G.W. Bush. And better than under Clinton even.
The below graph is the INFLATION ADJUSTED Weekly Earnings of Production and Non-Supervisory Workers through June 2015
I didn't see anyone making a big hoo hah 3 months ago when it was reported that compensation in the 1st quarter rose 0.7% (which is about a 2.8% annual rate -- against a backdrop of near zero inflation).