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Wednesday, January 16, 2008
Latest Wage Data Show Earnings Decline
The latest wage data released by the Bureau of Labor statistics show that in 2007, when accounting for inflation, workers saw about a 1% decrease in pay.
Average weekly earnings rose by 3.4 percent, seasonally adjusted, from December 2006 to December 2007. After deflation by the CPI-W, average weekly earnings decreased by 0.9 percent. Before adjustment for seasonal change and inflation, average weekly earnings were $605.96 in December 2007, compared with $578.67 a year earlier.
Disturbingly, this is nothing new. Since 2001, real median weekly earnings have declined year-over-year three times resulting in a net reduction in worker pay in that time period.
(click on image to enlarge)
Posted by Craig Jennings
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