There’s no good news in December’s jobs report, as far as I can see. The jobs recovery…isn’t, and the economy is still struggling.
American employers added 155,000 jobs in December, about apace with job growth over the last year, the Labor Department reported on Friday.
The biggest gains were in health care, food services, construction and manufacturing, and the government sector showed modest job losses, the report said. The unemployment rate was 7.8 percent, the same as in November, whose rate was revised up from 7.7 percent.
That would be mildly good news, but the problem is that:
Private-sector wages are rising, and last month’s jump of 1.63 percent over December 2011 is the biggest year-over-year increase since July. But the increases are still well below the inflation rate, indicating that wages are, as usual, falling in real terms for ordinary workers.