Chart of the Week: AVERAGE HOURLY EARNINGS
As the 5 year chart below reveals, there has been no wage pressure in the economy over the past 5 years. The most recent drop and snap back late in 2005 is attributed to Hurricanes “Katrita” (So too the revised Nov/Dec payroll data).
AVERAGE HOURLY
EARNINGS, (constant 1982 dollars)
Source: BLS
Labor Arbitrage via globalization and outsourcing has put a lid on the growth of wages and personal income across all industries. Union negotiations across numerous sectors (Aircraft Pilots, Auto Workers, Teachers, Police and Fire) have resulted in either flat or minimal increases – in many cases below the inflation level. Job creation continues to be primarily in lower paying positions: food service, health care, and retail (higher paying construction jobs being the exception).
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Quote of the Day
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Monday, February 06, 2006 | 02:00 PM | Permalink
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Carl is one of the best. so check this out.
http://www.decisionpoint.com/ChartSpotliteFiles/060203_correction.html
Posted by: Ned | Feb 6, 2006 2:17:55 PM
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