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Every month we read stories about what a poor labor market recovery this has been. The latest articles were from Profs. Brad DeLong and Menzie Chinn. I respectfully disagree. With few exceptions, people don’t get a job for social reasons. They go to work each day in order to earn money to purchase necessities, discretionary goods, and to save for future needs. In short, they work because of cold, hard cash. Next, let’s compare two economies that both create 1 million 40 hour a week jobs, but one pays $10/hour and the other pays $12/hour. Clearly the second economy is better. It is paying workers 20% more than the first.
Finally, let’s compare two economies that create 1 million 40 hour a week jobs at $10/hour. In the first economy, there are 3% annual raises, but inflation is rising 4%. In the second, there are 2% annual raises, but inflation is rising 1%. Again, even though the second economy is giving less raises, it is the better one — those workers are seeing their lot improve in real, inflation-adjusted terms, whereas the workers in the first economy are actually losing ground. In other words, the best measure of a labor market recovery is that economy which doles out the biggest increase in real aggregate wages. The bottom line is that, measured 5 years and 11 months out from the bottom, this labor market recovery has been the third best of the 7 expansions, behind the 1960s and 1980s
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The recovery in the labor market is the best in 25 years read.bi/1GjdXOe / but what has Obama done for me today???
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BWD (@theonlyadult) June 14, 201512.8 million: That's how many jobs our businesses have added over 64 months of growth—the longest streak on record. http://t.co/esO8lCEJGK
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Vice President Biden (@VP) July 02, 2015
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1. The private sector has added 11.2 million jobs over 58 straight months of job growth, extending the longest streak on record. Today we learned that total nonfarm payroll employment rose by 252,000 in December, mainly reflecting a 240,000 increase in private employment. Private-sector job growth was revised up for October and November by a combined 50,000 so that over the past three months, private-sector job growth has averaged 280,000 per month. Private employment has risen by at least 200,000 for 11 consecutive months, the first time that has happened since the 1990s.
2. Total employment rose by 2.95 million in 2014, the most in any calendar year since 1999. Private-sector employers added 2.86 million jobs last year, the strongest private-sector job growth in any calendar year since 1997. The pace of overall job growth has increased, averaging 246,000 per month in 2014, up from 194,000 per month last year. On a percentage basis, the economy is adding jobs at a rate of about 2 percent per year, also on pace for the largest percentage increase in any calendar year since the late 1990s. Crucially, the pickup in the pace of job growth in 2014 has primarily been in industries with higher wages. For instance, the pace of manufacturing job growth has more than doubled to 16,000 per month this year, from 7,000 per month last year, and average weekly earnings for manufacturing workers are about $170 higher than for all private-sector workers. As discussed in greater detail below (see point #4), overall real average earnings have generally been growing, but there is more work to be done to raise wages and address longer-standing challenges around family incomes.
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Total employment rose by 2.95 million in 2014, the most in any calendar year since 1999 whitehouse.gov/blog/2015/01/0… http://t.co/VBvwR6QWH6
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Jason Furman (@CEAChair) January 09, 2015Manufacturing added 17,000 jobs last month, in line with its average in 2014 as a whole whitehouse.gov/blog/2015/01/0… http://t.co/QLDC4HajFF
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Jason Furman (@CEAChair) January 09, 2015****
The annual avg unemployment rate fell 1.2 pp between 2013 & 2014, largest decline since 1984 whitehouse.gov/blog/2015/01/0… http://t.co/8V1QZ5eh8m
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Jason Furman (@CEAChair) January 09, 2015Businesses added 11.2 million jobs over 58 months of growth, the longest streak on record whitehouse.gov/blog/2015/01/0… http://t.co/7YTBCNbvAD
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Jason Furman (@CEAChair) January 09, 2015****
US wrapped up its best year of labor market growth since 1999 by adding 252,000 jobs in Dec. wapo.st/1DsI5qY http://t.co/K6RqNbkqtV
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Washington Post (@washingtonpost) January 09, 2015@morningmoneyben other than 58 straight months of jobs growth, 10.5 m new jobs, 4.8 m job openings, falling unemployment -- complete debacle
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Daniel Gross (@grossdm) January 09, 2015****
Getting people back to work does a heckuva lot more to raise living standards than an extra point or two of wage growth.
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Justin Wolfers (@JustinWolfers) January 09, 2015Housing construction job growth solid.
1 mo: +13.5k
3 mo: +33.4k http://t.co/ZXOxHZVP2U
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Jed Kolko (@JedKolko) January 09, 2015****
The U.S. added 2.95 million jobs in 2014—the most jobs gained in any single year since 1999.
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Dan Diamond (@ddiamond) January 09, 20152014 was an incredible year for the health sector: 311,000 new jobs. Most since 2008.
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Dan Diamond (@ddiamond) January 09, 2015****
Point is the data show we can get millions of people back to work without generating wage inflation. This is worth celebrating.
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Justin Wolfers (@JustinWolfers) January 09, 2015.@neeratanden @JustinWolfers frbsf.org/economic-resea… Wages will eventually rise. @cromwick
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(@Altarum_CSHS) January 09, 2015@bknyla @JustinWolfers poor people investopedia.com/terms/w/wage-p…
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Deus Ex Macarena (@RexPeretz) January 09, 2015DEFINITION OF ‘WAGE PUSH INFLATION’
A general increase in the cost of goods that is preceded by and results from an increase in wages. In order to maintain corporate profits after an increase in wages, employers must increase the prices they charge for the goods and services they provide. The overall increased cost of goods and services has a negative effect on the wage increase, and eventually, higher wages will be again needed to compensate for the increased prices for consumer goods.
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The number of people working two jobs for economic reasons dropped by 118,000 in December
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Jamie Dupree (@jamiedupree) January 09, 2015Since 2000, three of the four biggest years for job creation have come under Obama.
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Dan Diamond (@ddiamond) January 09, 2015****
Regular Jobs Day reminder: Health care's experiencing an unprecedented 88 straight months of jobs growth.
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Dan Diamond (@ddiamond) January 09, 2015Over the past three months, the economy has created an average of 289k per month. That's the healthiest pace is basically forever.
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Justin Wolfers (@JustinWolfers) January 09, 2015
Obama White House.gov WH Tumblr The People’s View Steve Benen
The Obama Diary 
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