Job Market Monitor
wages
Wage Growth in Canada – Composition-adjusted wage growth significantly below the average growth
Wage growth is a key indicator that central banks monitor because labour costs are an important component of production costs and inflation. However, average wage growth can be a misleading measure of inflationary pressures. This is because it is a simple average of the wages earned by millions of people who have different skills, levels … Continue reading
Immigration in US – Higher pace of employment growth without adding pressure to wages and price inflation
In this analysis, we consider recent immigration flows and their potential macroeconomic implications. Interpreting the current labor market requires understanding recent immigration: how many people arrived and how they engaged in the economy. Recent estimates from the Congressional Budget Office (CBO) suggest much higher rates of recent immigration than were previously projected. In 2019, CBO … Continue reading
Work Organization and High-Paying Jobs – Yes, work organization robustly predicts earnings
High-paying factory jobs in the 1940s were an engine of egalitarian economic growth for a generation. Are there alternate forms of work organization that deliver similar benefits for frontline workers? Work organization varies by type of complexity and degree of employer control. Technical and tacit knowledge tasks receive higher pay for signaling or developing human … Continue reading
Farmworker Wage in US – They earned 40% less than comparable nonagricultural workers in 2022
Farmworkers earn very low wages Despite some documented real increases in wages the past few years, the latest FLS data show the hourly earnings of farmworkers are much lower than the earnings of similarly situated nonfarm workers, as well as compared with the average for all workers in the United States (see Figure A). In … Continue reading
Salary trends in Canada – 65% of workers are seriously considering leaving their current role
Did you know more than half of your team is ready to resign and move onto their next opportunity? Our Salary Guide reveals that 65% of workers are seriously considering leaving their current role, meanwhile 40% of you also told us you’re losing talent to higher pay being offered somewhere else. The great reset to … Continue reading
Immigration in New Zealand – No adverse wage impact on native workers of similar skill
The recent international literature on immigration wage effects has shown contrasting results. Past studies have focussed on the effect of low skilled immigrants on native-born workers in the US, and have yielded results ranging from no impact to negative impacts. This paper, by contrast, explores the outcomes of highly skilled immigration on the wages of … Continue reading
Productivity and Wages in US – They aren’t keeping up
While net productivity has continued to increase by an expected 70%, hourly compensation in the country is less than a fifth of that at just 12%. The growth in productivity has more than doubled that of hourly compensation for U.S. workers since 1948. With net productivity in the country growing by roughly 253 percent in … Continue reading
Wage Growth in US – The Illusion
Despite a sharp spike in unemployment since March 2020, aggregate wage growth has accelerated. This acceleration has been almost entirely attributable to job losses among low-wage workers. Wage growth for those who remain employed has been flat. This pattern is not unique to COVID-19 but is more profound now than in previous recessions. This means … Continue reading
COVID and Wages in UK – Large cuts may come if you are younger and work in a small firm
The Covid-19 pandemic is turning into a global recession – probably the biggest drop in economic activity since the Great Depression of the 1930s. The latest forecasts put UK and US GDP both down by about 10% in Q2 2020 (40% on an annualized basis). GDP is an important measure of economic wellbeing, but the … Continue reading
COVID-19 and Jobs in UK – Government to pay 80% of wages for those not working
The government is to pay the wages of millions of workers across Britain to keep them in jobs as the economic fallout from the coronavirus outbreak escalates. In an unprecedented step for the British government, the chancellor, Rishi Sunak, said the state would pay grants covering up to 80% of the salary of workers if … Continue reading
Wages Inequalities in Canada – 60% of the dispersion in individual employment earnings is accounted for by worker characteristics within firms, and the remaining 40% by firm characteristics
While the productivity gap between the top 10% of firms in the productivity distribution and other firms in the Canadian economy has increased since 2000, it has not resulted in a widening of the employment earnings distribution. The employment earnings gap between workers in the top and bottom ends of the earnings distribution has actually declined over … Continue reading
Wage Increases and Labour Shortages in Sweden – How companies manage labour shortages
Nominal wage increases in Sweden have been unusually low in recent years, despite a strong outcome for the Swedish labour market. Several indicators point to demand for labour having exceeded supply, which according to the textbook should have led to higher wage growth. In this Commentary I show how survey- based indicators can have exaggerated … Continue reading
Wages in US – What is really happening ?
Over the past 12 months, average hourly wages rose 3.2 percent, according to the latest jobs report from the Bureau of Labor Statistics. But the longer-term story is contested. Many analysts and commentators lament the situation of stagnating wages, while others celebrate wage growth. To take just two of hundreds of examples, our colleagues in … Continue reading
Wages – Decline in organized labor has reduced the bargaining power of labor across the developed world Bridgewater says
The biggest force behind the global profit margin expansion has been the decline in the labor share of output. A key factor that has contributed to this reduction in labor’s bargaining power versus capital is the decline of organized labor and unions. This phenomenon has occurred over decades for an array of reasons that are … Continue reading
Wage Growth Slowdown in Australia – The extent and causes
A range of measures show a significant slowing in wage growth in Australia over the past five years. The Wage Price Index (WPI) grew at an annual average of 2.2 per cent in the five years to December 2018, which compares with average annual growth of 3.3 per cent in the previous five years to … Continue reading
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