The labor market started off 2012 with a nice surprise. The January 2012 employment situation report from the Bureau of Labor Statistics showed a labor market with all parts seemingly moving in a solid direction. Payroll employment growth of 243,000 was matched by a decrease in the unemployment rate from 8.5 percent to 8.3 percent, strong household employment growth, and a growing share of the population with jobs (after removing the effect of BLS’ annual population reweighting). Furthermore, December’s jobs number was revised up by 266,000 (which included not only the routine monthly revision of earlier data, but also the annual benchmark revision, updated birth/death model adjustments, and new seasonal adjustment factors).
Workers in BMW's auto plants in Germany make twice as much as US workers in BMW plants who make $15 an hour. Oh and by the way German workers get 35 days of vacation AND decent healthcare.
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