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Strategies & Market Trends : Currents of Currency

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From: The Wharf	9/10/2012 1:50:03 PM
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Stagnant Wages are stagnating as the job market cools, restraining the consumer spending that is needed to sustain the U.S. economic recovery. Average hourly earnings were little changed in August from the prior month and up 1.7 percent from a year earlier, matching the smallest gain since records began in 2007, the Labor Department reported last week. Payroll growth slowed to 96,000 last month, while the unemployment rate fell as more people left the labor force. Inflation Chicago teachers strike after contract talks break down Rahm Emanuel condemns union's decision as 'unnecessary' as 26,000 teachers in nation's third largest school system walk out The district had been offering a raise of 2% a year for four years. The union called that offer unacceptable particularly after Mayor Rahm Emanuel last year canceled a previously negotiated 4% pay raise, citing budget problems. The union countered by asking for a 30% pay raise over two years, followed by a request for a 25% increase over two years. Just weeks ago, Lewis told delegates the union had adjusted its demand and was asking for a 19% pay raise in the contract's first year. Hyper Inflation Chicago The water and sewer bill for the average household in Chicago will go up $120 in 2012 — a 25 percent hike — and rise by a further 15 percent in each of the next three years, according to the budget documents released Wednesday by Mayor Rahm Emanuel’s administration.

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