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Jobs report: Your paycheck isn't going up

Written by By Annalyn Censky Sunday, 10 April 2011 23:00

NEW YORK (CNNMoney) -- Prices may be rising at the grocery store and gas pump, but don't look to your paycheck for any relief.

Average wages and hours were both flat last month, according to Friday's government jobs report.

While the rest of the March jobs report was encouraging, showing the nation added 216,000 jobs during the month, stagnant wages are not a good sign for consumer purchasing power.

"Workers may not be losing their jobs, but they can't get a raise," said Peter Morici, University of Maryland economist and professor.

The average American worker earned $22.87 an hour in March -- the same rate as in February. Overall, average hourly earnings have gained only one cent, or 0.04% since January.

And for many jobs, wages actually fell in the last two months. The manufacturing sector, which accounts for roughly 9% of the American workforce, saw wages fall 0.8% since the beginning of the year.

By Annalyn Censky

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Author of this article: By Annalyn Censky

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