Replies

Really. According to the WSJ, Higher-Paid Jobs Rise at Faster Clip Lower-Wage Sectors Trail For the First Time in Years, In Healthy Economic Sign By KRIS MAHER Staff Reporter of THE WALL STREET JOURNAL July 12, 2005 In a sign of an improving U.S. job market, the growth of higher-paying hourly jobs is outpacing that of lower-paying jobs for the first time in nearly four years, according to an analysis of Labor Department data by the Economic Policy Institute. The Washington-based liberal economic think tank, which has bemoaned the dominance of low-paying jobs in recent years, compared year-over-year employment growth and wage data for nonmanagerial jobs in 20 private-sector industries. The analysis found that nine sectors expanding as a share of total employment paid about 3% more in average hourly wages than 11 sectors that were contracting in the first quarter. That marked the first time since the most recent recession that higher-wage jobs have grown faster as a share of total jobs. Link requires subscription.

The analysis found that nine sectors expanding as a share of total employment paid about 3% more in average hourly wages than 11 sectors that were contracting in the first quarter.

the growth of higher-paying hourly jobs is outpacing that of lower-paying jobs for the first time in nearly four years

Wow!

Stop the presses!

Seriously, if this represents great news, what's your idea of good news ..... the price of gruel has gone down?

I would surmise that the Journal get this one badly wrong. The "higher pay" is dubious since the CPI is badly understated...you bought gas, steak, or a house lately? And as proven above, they are all service jobs, which don't produce tangible product that the society needs, they get imported, this represents the advance wave of inflation which is going to sweep through the economy.

The information economy becomes bankrupt. Just as the whole dot.com was a dot bomb (as Warren Buffet says, the biggest in his long lifetime), so will this economic shibboleth that we can outgrow manufacturing...and we all will suffer. Even the guys who think they are controlling the tiger.