Chart of the day

Posted: 11 July 2013 in Uncategorized
Tags: , , , , ,

wages-quintiles

According to the National Employment Law Project [pdf], for the period from 2009 to 2012,

  • real median hourly wages declined by 2.8 percent, averaged across all occupations;
  • lower-wage and mid-wage occupations saw significantly bigger declines in their real median wages (by 3 percent or more) thandid higher-wage occupations (by less than 2 percent); and
  • real median wages fell by 5 percent or more in 5 of the top 10 lower-wage occupations: restaurant cooks, food preparation workers, home health aides, personal care aides, and maids and housekeepers.

lowest-wage occupations

The overall decline of wages is even more striking when we take into account the fact the productivity rose by 4.5 percent over the same 2009-2012 period.

As Felix Salmon concludes,

capital is taking more than 100% of real productivity gains, with labor steadily losing out. This, I fear, is the New Normal: OK for investors, bad for workers.

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