I may be missing something, but analysis looks wrong.
I assume going from these figures?
Table 1.--Personal Income and Its Disposition (Months)--Continued
[Billions of dollars; months seasonally adjusted at annual rates]
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Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Nov 03 Dec 03 Jan 04 Feb 04 Mar 04 Apr 04 May 04 Jun 04/p/
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Personal income............................ 9,151.1 9,175.4 9,208.9 9,243.7 9,276.6 9,337.9 9,375.3 9,418.2 9,466.9 9,510.9 9,571.1 9,625.1 9,648.1
Compensation of employees, received...... 6,275.6 6,297.3 6,327.3 6,349.4 6,377.9 6,421.0 6,421.2 6,477.3 6,514.3 6,542.3 6,574.9 6,613.6 6,617.6
Wage and salary disbursements.......... 5,097.2 5,109.4 5,131.2 5,145.3 5,167.1 5,202.4 5,197.3 5,236.5 5,263.7 5,282.7 5,309.9 5,341.6 5,340.3
Private industries................... 4,194.0 4,209.3 4,229.2 4,244.0 4,264.8 4,298.1 4,288.7 4,321.8 4,346.4 4,362.7 4,384.8 4,419.8 4,417.1
Yes the aggregate wages went up 4-5%.
How much did total employment rise in the same period?
This has diddly squat to do with hourly wages.
