Today’s job report showed the economy added 257,000 jobs in January. This is a solid start to the New Year, and could be a sign that the economy has shifted into a slightly higher gear. At 257,000 jobs a month, we would get to pre-recession labor market health by May 2017. Unfortunately, there’s clearly still tremendous slack in the labor market—despite job growth, workers are in desperate need of a raise. Nominal average hourly earnings grew 2.2 percent annually in January. Wages need to grow faster, and for long time, before we can say the economy is truly working for working people—and before the Federal Reserve should think about tapping the brakes.
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