The news that the U.S. economy added 280,000 jobs sounds great. Bloomberg offer charts that show a more mixed situation. Yes, job growth is up. However, the unemployment rate went up because more people have entered the job market. Similarly, average hourly earnings is up, but that measure has moved like a yo-yo over the past year. The best news is that long-term unemployment is moving steadily down. If you’re thinking about looking for a new job or asking your boss for a raise, this could be a good time to act. Even if the news is mixed, the job market is much better than it was five years ago.
The website 24/7 Wall Street reports that the Los Angeles City Council is debating a raise in the minimum wage that would bring the wage to $13.25 in 2017 and $15.25 by 2019. Critics says this measure would cost jobs. The problem with that claim is that the wage will be phased in over 5 years. If a business cannot adapt in that time period, that company is not viable. The report also said that companies in L.A. might move to nearby communities with lower minimum wages. There’s a simple solution to that problem: raise the national minimum wage. America needs a raise.