The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on March 18, 2024, 04:39:11 pm
-
Published March 18, 2024 7:00am EDT
Wages in the US are falling at a 'striking' pace, Indeed says
Wage growth is slowing sharply in the US
By Megan Henney FOXBusiness
U.S. wage growth has slowed sharply over the past year and is getting closer to returning to its pre-pandemic level, according to new data from career site Indeed.
The wage tracker – based on salaries for job advertisements listed on Indeed – showed that salaries were up 3.3% in February compared with the same time one year ago. That is a marked drop from January 2022, when wages were up about 9.3%, suggesting that employers are facing less competition for new hires.
"The pace of deceleration is striking," wrote Indeed labor economist Nick Bunker. "Posted wage growth has fallen by almost 3 percentage points over the past year."
While the deceleration is broad-based, it is most pronounced in low-wage sectors. Posted pay for that group tumbled to 3.4% in February from 12.5% at the start of 2022.
"Given the huge run-up in posted wages for those sectors, wage growth is still above its pre-pandemic pace," Bunker said. "How long this will last is uncertain."
By comparison, wage growth for high-wage employees dropped from a high of 8.2% to 2.6% in February. For middle-wage workers, year-over-year growth has fallen to 3.9% from a peak of 8.5%.
more
https://www.foxbusiness.com/economy/wages-us-are-falling-striking-pace-indeed-says
-
I wonder how much of the flood of low skilled labor into this country is having an impact?
-
Not surprising the democrats in California are bucking that trend by mandated nutso wages that are driving people out of business, employees out of jobs and people out of the state. I have no doubt it's their plan to make room for illegals but being democrats they're just Fricken' stupid to comprehend that when you push up the minimum wage to ever higher levels you destroy peoples purchasing power as prices rise to accommodate it and jobs are lost when prices cannot be raised to fully cover the expense so staff is cut and the usual result is business owners go out of business and that even more formerly employed people are unemployed **nononono* Maybe the democraps raised the minimum for fast food to $20 so they could have a living wage to raise a family on? If so reality will once again bite the democrats and all Californians in the @$$ thanks to their unequaled stupidity.
-
This is how inflation works, people. Instead of passing a tax increase to cover a $1.6 trillion deficit, the government simply prints up the money, stealing the value from everyone else who has money. So your prices go up while your wage remains unchanged. And your purchasing power and standard of living go down by the same amount they would have gone down had the government taxed you instead. Except with inflation, your lost purchasing power doesn't recover.
-
This is how inflation works, people. Instead of passing a tax increase to cover a $1.6 trillion deficit, the government simply prints up the money, stealing the value from everyone else who has money. So your prices go up while your wage remains unchanged. And your purchasing power and standard of living go down by the same amount they would have gone down had the government taxed you instead. Except with inflation, your lost purchasing power doesn't recover.
And neither candidate seems to have any plans or even the desire to address this issue.
Which means it’s going to get worse and worse and more entrenched in the economy