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Job Creation Remains Positive - 11/16/16

Average hourly pay in America rose by ten cents an hour last month to an average of twenty five dollars and nine two cents according to the U.S. Labor Department.  That’s two point nine percent higher that it was a year ago, the sharpest twelve month increase since two thousand and nine. 

As reported by the Associated Press, recent increases in compensation are of a different nature than they were back in two thousand and nine.  Seven years ago, the average hourly pay statistic was rising vigorously because employers were shedding millions of lower paid staffers during the aftermath of the Great Recession.  Today, job creation remains positive. 

According to the government, the U.S. added one hundred and sixty one thousand jobs last month and has added nearly two point four million net new positions over the last twelve months.  Unemployment stands at four point nine nationally and is in the low fours in Maryland. 

For a sixth straight year, the nation is on track to add more than two million jobs in two thousand and sixteen.  Hotel and restaurant workers are making nearly five percent more than they did a year ago.  People working in the information sector are also earning about five percent more.    

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.