luvinit
2008-09-09 20:40:28 UTC
Average hourly earnings are still rising and have climbed at a 4.3% annual
rate in the last quarter. Productivity growth has also been stronger than
expected, which paradoxically hurts job creation as cautious companies
squeeze out more efficiencies rather than add labor costs. The percentage of
private companies adding jobs also popped up -- to 48.9% -- which is the
highest in many months. So the economy seems to be muddling along, rather
than slipping into recession. Given the magnitude of both the housing slump
and the credit writeoffs on Wall Street, the fact that the U.S. economy has
avoided a downturn so far can only be called remarkable.
rate in the last quarter. Productivity growth has also been stronger than
expected, which paradoxically hurts job creation as cautious companies
squeeze out more efficiencies rather than add labor costs. The percentage of
private companies adding jobs also popped up -- to 48.9% -- which is the
highest in many months. So the economy seems to be muddling along, rather
than slipping into recession. Given the magnitude of both the housing slump
and the credit writeoffs on Wall Street, the fact that the U.S. economy has
avoided a downturn so far can only be called remarkable.