Median wages of production workers, who comprise 80 percent of the workforce, haven't risen in 30 years, adjusted for inflation.
Sentiment: NEGATIVE
If you look at the US economy over the last 15-20 years wages have been stagnating or even declining.
Middle-income wage earners have essentially had no pay increases since 2000.
In addition to joblessness, of course, by the working of supply and demand, when you have a larger number of people unemployed, wages do not rise at the normal level, so that we had last year a drop in real wages.
To be sure, faster growth in nominal labor compensation does not necessarily portend higher inflation.
Inflation outstripped real wages for people who work for pay from others.
During the past two decades, inflation has fallen to a low level in major industrial countries.
It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment.
Congress has not raised the minimum wage since 1997. The minimum wage is now at its lowest level in 50 years adjusted for inflation.
A study of the history of wages back through the years indicates clearly that when the cost-of-living rises appreciably wages have shortly been adjusted upward also.
While prices of goods continue to rise, American worker's wages remain stagnant.
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