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Chart of the Week: AVERAGE HOURLY EARNINGS

Posted By Barry Ritholtz On February 6, 2006 @ 2:00 pm In Employment,Inflation | Comments Disabled

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 [1]

Source: BLS [2]

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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Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2006/02/chart-of-the-week-average-hourly-earnings/

URLs in this post:

[1] Image: http://bigpicture.typepad.com/.shared/image.html?/photos/uncategorized/ces_average_hourly_earnings.PNG

[2] BLS: http://www.bls.gov/webapps/legacy/cesbtab4.htm

[3] Fed Watch: Placing Bets on Bernanke’s First Move: http://economistsview.typepad.com/economistsview/2006/02/fed_watch_placi.html

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