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NewsFlash: October 6, 2006

Job market slowdown entrenched

Last month’s job growth was the lowest since hurricanes disrupted the labor market last year, according to an analysis of BLS data by EPI economist Jared Bernstein in today’s  Job Picture.  The most notable industry slump is the housing market.  However, a bright spot in the analysis is the growth of hourly wages by 4% on a yearly basis.  Assuming that energy prices do not go back up, real wage gains should be forthcoming.  Given that the real hourly wage was flat or down 26 out of the last 29 months, this will be a welcome change.

Click for the  Job Picture