March 25th, 2013
In Business
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If you enjoy this article, see the other most popular articles
If you enjoy this article, see the other most popular articles
In the USA, real wages decline again
(written by lawrence krubner, however indented passages are often quotes). You can contact lawrence at: lawrence@krubner.com, or follow me on Twitter.
Below are the gory details. The data source is Appendix Table B-47, “Hours and Earnings in Private Non-Agricultural Industries, 1966-2012.” The table has been completely revised since last year’s edition of the report. The data is for production and non-supervisory workers in the private sector, about 80% of the private workforce, so we are able to focus on what’s happening to average workers rather than those with high incomes.. I use weekly wages rather than hourly because there has been substantial variation (with a long-term decline) in the number of hours worked per week, from 38.5 in 1966 to 33.7 in 2012. The table below takes selected years to reduce its size.
Year Weekly Earnings (1982-84 dollars)
1972 $341.73 (peak)
1975 $314.77
1980 $290.80
1985 $284.96
1990 $271.10
1992 $266.46 (lowest point; 22% below peak)
1995 $267.17
2000 $285.00
2005 $285.05
2010 $297.79
2011 $295.49
2012 $294.83 (still 14% below peak)This decline is especially amazing when we consider that private non-farm productivity has doubled in this period
Post external references
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http://middleclasspoliticaleconomist.blogspot.com/2013/03/real-wages-decline-literally-no-one.html
February 8, 2022 9:33 am
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