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Wednesday, October 28, 2009

Real Earnings, Not So Much

Capital Gains and Games: "The last three decades have not been kind to real earnings. Take a look at the full history of the real earnings series:
 

The discrepancy between the series is the change in hours over this period--the series for average weekly earnings falls over the period because hours fall more than enough to offset the slight rise in average hourly earnings.  Over this period, private employment has been a fairly constant share of total nonfarm employment (a bit more than 80%) and production and non-supervsory employment has been a fairly constant share of total private employment (a bit less than 70% also a bit more than 80%).
This is one of the most depressing graphs I've ever seen.

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