TheStreet’s Jim Cramer says while the hiring continues unabated, we do have wage declines. According to the Labor Department, the U.S. added 252,00 jobs in December and the unemployment rate fell to 5.6% but hourly wages declined. Cramer says he thinks part of the issue is that we have a surplus pool of labor. He says 5.6% unemployment used to be the level where the Fed would become very concerned because it would be a wage spike. But we’re not getting that now. So if you’re a worker it’s not good but if you’re a stock picker it’s fabulous because what it says is more profits are going to flow to the bottom line and not to the workers. Cramer says he is not about politics but rather about making money. He says this employment number is terrific and if it weren’t for the retailers being down today, the market would be up once again.
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