About Those Wages From the February 2013 Employment Report

Many in the press are claiming the increase in wages from the February employment report implies the economy is back on track, all is well and things are all looking up.  We beg to differ.  The average hourly wage did increase by 4¢ to $23.82  for all those employed by the private sector and has increased 2.1% from a year ago.  The below graph shows what many are cheering over.