US US jobs growth is continuing to lag behind growth in the US workforce. Last month only 138,000 new jobs were created. As I've shown in previous posts, between 184,000-220,000 new jobs are needed each month to keep up with the combination of immigration and natural increase of the US workforce.

Some analysts are claiming there is "upward pressure" on wages. However, none of them are looking at trends in disposable income. It is likely any increase in wages is reflective of creation of jobs being focused in higher cost of living areas.

The Bush Administration has simply failed to facilitate any creation of jobs for Americans.