Despite unemployment falling to multi-year lows across the developed and parts of the developing world, real wage growth is slowing to the point of stagnation. That might not come as a surprise to most people. The real question is why is this happening?
One potential culprit, the report suggests, is the increased concentration of firms in a particular industry or geography, which reduces competition between hiring firms. This, alongside the increased prevalence of “no-poach” and “non-compete” agreements, the growth of outsourcing, globalisation and automation, is putting downward pressure on wages.
In recent years the cost of technology has fallen, while simultaneous technology improvements have made routine, and increasingly non-routine, tasks vulnerable to automation. According to the research, for every extra robot deployed per 1,000 employees, wages are reduced by between 0.25% and 5%.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: AB InBev’s Asia Unit Opens Higher Despite Gloomy IPO MarketThe Asia-Pacific beer unit of Anheuser-Busch InBev NV gained as much as 2.2% in its Hong Kong trading debut, in a rare bright spot for the dim global market in initial public offerings.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Treasury pulls rabbit out of hat with $5bn sale of two international bondsSouth Africa’s Treasury has issued a pair of international bonds to the tune of $5-billion, the largest such transaction out of sub-Saharan Africa. It’s a vote of investor confidence that Finance Minister Tito Mboweni can do with ahead of his medium-term budget speech in October and a looming Moody’s downgrade.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Monday, September 30: Five Things You Need to Know to Start Your DayHong Kong suffers one of the most violent days since protests started, China vows to continue opening its financial markets, and traders expect another Australian interest rate cut. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK OP-ED: A DNA test could save your life, but potentially also hand you a life sentenceGenetic testing provides a glimpse into your future. It identifies the elements and environments you should avoid, as it puts your wellbeing at risk. But you could also learn some scary facts, such as the high chance of your developing serious conditions such as early-onset Alzheimer’s or incurable rare cancer. Whether you dare a drive down DNA lane as I did or choose to play the odds of ignorant bliss, genetic screening is life-changing stuff.
Source: dailymaverick - 🏆 3. / 84 Read more »