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- Why US wage growth is slowing and what it means - The HR Digest
A 2023 Gallup survey found that 60% of US employees feel their wages are not keeping up with the cost of living This dissatisfaction could fuel higher turnover or reduced productivity, creating a vicious cycle for businesses and employees The Bigger Picture: Inequality and Economic Stability Slowing wage growth also exacerbates economic
- Postpandemic Nominal Wage Growth: Inflation Pass-Through or . . .
To estimate the role of these factors in explaining the postpandemic increase in wage growth, we have estimated an empirical wage Phillips curve in the form of a VECM that captures the influence on wage growth of the deviations between key macroeconomic variables from their long-run equilibrium relationship, a measure of labor market imbalances
- Why American wages havent grown despite increases in . . .
Between 1979 and 2020, workers' wages grew by 17 5% while productivity grew over three times as fast at 61 8%
- What do various wage measures tell us about underlying wage . . .
Note: Panels A and B show the industry-level factors scaled by the mean and standard deviation of annualized 12-month percent changes in the wage and salaries component of the ECI for leisure and hospitality (Panel A) and education and health (Panel B) In Panels A and B, the dashed lines represent 95 percent posterior intervals
- Rapid wage growth at the bottom has offset rising US . . .
This earnings growth is not mainly driven by worker composition change, workplace-specific changes, or rising subnational minimum wages Instead, it is associated with broadly increased premiums in the lowest-paid occupations: occupations that had faced particularly slow wage growth from 2002 to 2012
- Strong wage growth for low-wage workers bucks the historic trend
Wage growth for low-wage workers also far exceeded the 2 1% wage loss that characterized the five years following the start of the last pre-COVID business cycle (2007–2012) Faster wage growth at lower-wage levels has resulted in a compression of wages (or a narrowing of the wage distribution among the bottom 90% of wage earners)
- The rise of US earnings inequality: Does the cycle drive the . . .
Motivated by this evidence, we build a structural model to explore the possibility that recessions cause persistent increases in inequality; that is, that the cycle drives the trend The model features skill-biased technical change, which implies a trend decline in low-skill wages relative to the value of non-market activities
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