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Wages, jobs rise in October as recovery finally reaches the middle class

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Federal Reserve can be expected to raise interest rates.

Did you get a raise recently? If you haven't you might soon. According to payroll data, worker wages are finally starting to rise. The increase should boost the economy and spur the Federal Reserve to finally raise interest rates.

Highlights

LOS ANGELES, CA (California Network) - One of the most damaging, long-lasting impacts of the Great Recession has been the lingering low wages workers have suffered. Those low wages, which when adjusted for inflation, are the same as not receiving a raise since 2000, have kept the economy from growing.

The pay raises come as more Americans return to work, unemployment is now officially down to just 4.9 percent. However, actual unemployment is much higher as the official figures do not include the long-term unemployed who are no longer looking for work.


The Federal Reserve is likely to raise rates as they have been planning for some time. Several economists has sought a rate increase, but the Federal Reserve has been sensitive to the impact of an increase on markets. A rate increase means interest rates rise. That translates into less borrowing and less spending.

Interest rate increases are needed when the poor make more money to prevent overheating in the economy. Too much spending too quickly can result in inflation, where prices rise faster than wages can cope.

One final caveat has been noted. The gains in wages have gone mostly to the educated, skilled workers in the market. Unskilled laborers are still not seeing the same gains in wages.

The wage increases are also just beginning and with political uncertainty on the horizon it is difficult to say who will get raises, how much and when. -*?*-60 *1 ¶68**8

The working middle class is still the engine of our economy. If the middle class does not do well, nobody does well, at least not for long. The wealthy have done great, but the warning signs are on the wall. It's time for employers to pay more for those who create their wealth, or face collapse.

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