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Unemployment is down, but wages aren’t up

Friday delivered another solid-if-not-amazing jobs report. Unfortunately, the “not-amazing” part continues to involve your paycheck.

TheBureau of Labor Statistics reportedthat the U.S. economy added 214,000 jobs in October and that unemployment fell a tenth of a percentage point to 5.8 percent. This is the ninth straight month in which employers added 200,000 jobs or more, the Financial Times’ Eric Plattpointed out. The last such streak of that length happened in 1993-1995 and lasted19 months.

Unemployment has been ticking down with remarkable consistency, thanks to this incredibly durable job growth, along with a steady decline in the percentage of Americans in the labor force — when people drop out of the labor force because of retirement or discouragement, they’re no longer counted as “unemployed.”

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KESQ News Team


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