Job Market Monitor
wages
US – None of the productivity growth flowed into the paychecks
This paper updates and explains the implications of the central component of the wage stagnation story: the growing gap between overall productivity growth and the pay of the vast majority of workers since the 1970s. A careful analysis of this gap between pay and productivity provides several important insights for the ongoing debate about how … Continue reading
US – Lowest-Paid jobs lead wage gains
Average hourly earnings in industries paying less than $12.50 an hour a year ago rose 3.2 percent in the 12 months through April, about 1 percentage point more than wage growth for the job market as a whole, according to Goldman Sachs Group Inc. This development may be the start of a long-awaited catch-up for … Continue reading
CEO Pay vs Worker Pay – Up 90 times faster since 1978
Over the last several decades, inflation-adjusted CEO compensation increased from $1.5 million in 1978 to $16.3 million in 2014, or 997 percent, a rise almost double stock market growth. Over the same time period, a typical worker’s wages grew very little: the annual compensation, adjusted for inflation, of the average private-sector production and nonsupervisory worker … Continue reading
Workers Wages in US – Wage growth trailed the prerecession pace in two-thirds of cities where the Jobs Gap is closed
A Wall Street Journal analysis of Labor Department data points to persistent constraints on worker pay, even as the economy approaches full employment. The Journal found 33 U.S. metropolitan areas—from the small to the sizable—where unemployment rates and nonfarm payrolls last year returned to prerecession levels. In two-thirds of those cities—including Columbus; Houston; Oklahoma City; … Continue reading
Sluggish Wage Growth in US – Not due to the mix of jobs being created EPI finds
There has been some discussion that the sluggish wage growth we’ve seen since the recovery began in 2009 is driven in large part by the mix of jobs being created, as if we have lower wages simply because the economy is adding more low-wage jobs. Earlier in the recovery there was likely some truth to … Continue reading
Raising Wages in US – Policies that work
As this paper explains, wage stagnation is not inevitable. It is the direct result of public policy choices on behalf of those with the most power and wealth that have suppressed wage growth for the vast majority in recent decades. Thus, because wage stagnation was caused by policy, it can be alleviated by policy. In … Continue reading
Canada – Substantial gap in salary compensation in favour of government or public sector employees CFIB finds
The broad public sector is a major employer in Canada. As a group, it employs 3.6 million Canadians—more than one job in five. Because the large share of these jobs are supported in whole or in part by tax revenues, it is certainly appropriate to question how representative and appropriate public sector salaries are in … Continue reading
US – Hourly wages for private-sector workers in data occupations 68 percent higher finds BLS
The growing importance of data in the economy is hard to dispute. But what does this mean for workers and jobs? A lot, as it turns out: higher paying (over $40/hour), faster growing jobs. In this report we identify occupations where data analysis and processing are central to the work performed and measure the size … Continue reading
US – Wages growth is breaking out at restaurants and bars
Wage growth is breaking out in an unexpected corner of the U.S. economy: the nation’s restaurants and bars. Food-service employment has surged since the recession ended nearly six years ago, growing twice as fast as overall payrolls. But those gains had largely failed to translate into better wages in the sector, until recently. Restaurant wages … Continue reading
Social Security in US – Rising wage inequality has eroded the finances of the system
This issue brief explores how rising wage inequality has affected the financial outlook of Social Security. We first provide a brief overview of Social Security’s funding structure and its current financial outlook based on the Social Security Administration’s, or SSA’s, most recent projections. Next, we highlight relevant wage trends that have impacted the trust funds’ … Continue reading
Vocational Education – Does more specific education lead to wage penalties ? No study finds
We analyze horizontal mismatch in Switzerland defined as a mismatch between the type of skills acquired by students and the skills required for their job. We investigate the argument in the literature that the more specific an education system is, the higher are the wage penalties due to horizontal mismatch. Switzerland is an ideal case … Continue reading
US – The Wage Stagnation in charts
Wage stagnation for the vast majority was not created by abstract economic trends. Rather, wages were suppressed by policy choices made on behalf of those with the most income, wealth, and power. In the past few decades, the American economy generated lots of income and wealth that would have allowed substantial living standards gains for … Continue reading
US – Why wages are not rising as job growth increases
Why wages are not growing for the vast majority of workers in the United States and what it will take to get us there. First, the trend of stagnating U.S. wage growth is nothing new. The past three decades of wage growth — save for the late-1990s boom — have given the median U.S. wage … Continue reading
US – A major slowdown in real wage growth
[T]he data of figure 1 clearly document a major slowdown in real wage growth. It is largely the product of poor productivity performance over the past decade, but that may not be surprising in view of the enormous economic losses that were precipitated by the financial crises. Nor is it unprecedented if the ICT revolution … Continue reading
US – The disconnect between productivity and wages, 1948–2013
Since 1979, hourly pay for the vast majority of American workers has diverged from economy-wide productivity, as shown in Figure D, and this divergence is at the root of numerous American economic challenges. Between 1979 and 2013, productivity grew 64.9 percent, while hourly compensation of production and nonsupervisory workers, who comprise over 80 percent of … Continue reading
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