January 6, 2007

C'mon Nancy, repeal those "Tax Cuts for the Rich"

Intl Herald Tribune: U.S. businesses added many more workers to their payrolls last month than economists expected, and workers' pay rose at a healthy clip — further evidence of strength in the job market despite a slowdown in the economy.

The U.S. Labor Department reported Friday that nonfarm employment grew by a seasonally adjusted 167,000 jobs in December, more than enough to absorb natural growth in the number of workers. The figures for October and November were revised upward as well. Wall Street had been expecting a gain of only 100,000 jobs in December.

The U.S. unemployment rate remained unchanged at 4.5 percent. Those who were unemployed in December were out of work for a shorter period of time, on average. And the percentage of the total U.S. population holding jobs rose to 63.4 percent, the highest level in more than five years....

....Tightness in the job market has been driving wages upward, economists say. With unemployment so low — the 4.4 percent reading in October was the lowest in five years — employers have found themselves having to increase pay a bit to fill vacancies

Compared with the December 2005, average hourly wages were up 4.2 percent, the government reported. The figure for November was revised up slightly to the same rate; they are the highest readings since February 2001....(Thanks to Orrin)

The poor are getting poorer, the rich are buying poor babies and sucking out their blood....there's no time to waste implementing the superior economic policies of the EU!

Posted by John Weidner at January 6, 2007 6:24 AM
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