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) 

Ces_average_hourly_earnings

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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-William Hamilton

Category: Employment, Inflation

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

7 Responses to “Chart of the Week: AVERAGE HOURLY EARNINGS”

  1. David Silb says:

    YOU! And YOUR Random thoughts!!!!!

    I am now depressed. I read the article on early retirement and I am thoroughly chagrined.

    You mean I have to work at not working?!? Barry please…….

    Oh did you catch the free psychic reading at the bottom of the article page? Wonder if they know something we don’t?

    I know lets ask them about the DOW. Lets see if these smarty-pants are better than us.

  2. Anonymous says:

    What article on early retirement?

  3. LB says:

    You should check out the hourly earnings data in constant 1964 dollars. I’m looking at the chart right now. Let’s see…in 1964 hourly earnings were at $2.50. In December 2005, in current dollars, the hourly earnings figure was a preliminary $16.34, but in constant 1964 dollars it is still just $2.56. I don’t know why, but that is just mind blowing to me.

  4. i thought it was interesting reading . . .

    The joys and challenges (and practical aspects) of retiring young
    http://philip.greenspun.com/materialism/early-retirement/

  5. me says:

    I wonder how much those 25,000 make that considered it a step up to apply for 325 Walmart jobs in Chiago?

  6. Enell says:

    What is the average hourly earnings in nonagricultural industries in the U.S. for 2005?