By Tyler Durden at ZeroHedge
The good news in today's jobs report is that at 248K, more jobs than expected were added in September.
And now, the bad news.
What happened in September when the BLS just reported that average hourly earnings for all private industries were $24.53, is that this was only one of 6 months since the failure of Lehman, when there a sequential decline in average hourly earnings, down from $24.54 in August.
And just as bad, while the Sellside consensus was looking for a 2.2% annual increase in wages, the actual number was a mere 2.0%, which means that the trend of declining real wages, profiled most recently here, continues.
The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.
© EconMatters All Rights Reserved | Facebook | Twitter | Email Subscribe | Kindle