were 22.3% higher than in the fourth quarter of 2019, outpacing the 15.7% gain in consumer prices over the same period by the Labor Department’s inflation measure. But for a worker at the 90th percentile, earnings grew 13.3%. The data further show median weekly earnings for workers with just a high-school diploma rose 17.1% over the same period, while for workers with at least a bachelor’s degree they grew 11.9%.
But poorer workers aren’t doing uniformly better. Analyzing microdata data from the household survey the Labor Department uses to help gauge the labor market, the economists find that among workers with a high-school education or less, it is the young—those under 40—who have seen the most significant wage gains. That appears to be driven by young workers’ higher tendency to switch jobs.
Mr. Autor doesn’t expect the fading of some of the pandemic’s effects on the economy to unravel the gains made by less-educated workers. For instance, a dishwasher who landed a better-paying warehouse job but then goes back to being a dishwasher might be a better-paid dishwasher than before. Indeed, with the U.S.
For businesses that employ low-wage workers, this will present a challenge. Those that pay less than their competitors might need to pay more, and accept lower profit margins as a result. Those with margins that are already razor thin will need to figure out how to become more efficient in order to afford workers and remain profitable. And those that are unable to become more efficient could simply go away.Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.
Can't wait for a gas station worker to be my doctor. Just like in Canada.
Great if true.
거짓말
“The pandemic” didn’t cause anything of the kind. It was the oodles of money printed by the Fed. While this policy may have “lowered” the amount of “inequality,” it did so at the expense of real wages. Not exactly a gain. 1/2
Excess deaths ....
Promoting the unqualified…. What could go wrong?
Engraçado que niguem quer me financiar pra nada né
Good. At the end of the day, most positions can be filled by someone who shows up, is teachable and others like/dont mind working with them. Many employers are seeing how useless degrees can be. Im all for it.
jordanbpeterson …see pandemics are good for the poor 🙄