"There is still a lot of slack in the labor market. Bargaining power is still on the employers' side in most cases," he says.
The latest jobs report shows that earnings ticked up slightly in January, from $23.74 to $23.78 on an hourly basis.
The report included one other bit of good news: Due to revisions in the data, the Labor Department now estimates that employers added 335,000 more jobs in 2012 than previously thought. The government revised the figures upward for 10 of the 12 months of 2012.