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workinclasszero

(28,270 posts)
Sat Jul 14, 2018, 10:30 AM Jul 2018

Paychecks Lag as Profits Soar, and Prices Erode Wage Gains

By Patricia Cohen July 13, 2018

Corporate profits have rarely swept up a bigger share of the nation’s wealth, and workers have rarely shared a smaller one.

The lopsided split is especially pronounced given how low the official unemployment rate has sunk. Throughout the recession and much of its aftermath, when many Americans were grateful to receive a paycheck instead of a pink slip, jobs and raises were in short supply. Now, complaints of labor shortages are as common as tweets. For the first time in a long while, workers have some leverage to push for more.

Yet many are far from making up all the lost ground. Hourly earnings have moved forward at a crawl, with higher prices giving workers less buying power than they had last summer. Last-minute scheduling, no-poaching and noncompete clauses, and the use of independent contractors are popular tactics that put workers at a disadvantage. Threats to move operations overseas, where labor is cheaper, continue to loom.

“Sure, you can get a job slinging hamburgers somewhere or working in a warehouse,” said Christina Jones, 53, of Mobile, Ala. Ms. Jones spent eight months searching for a job with living wages and benefits, after being laid off from a paper company where she had worked for nearly 13 years. Dozens of interviews later, she landed work last month at a concrete crushing company as an accounts payable clerk for $14 an hour — two-thirds her previous salary.

“You hear, ‘Oh, the unemployment rate is as low as it’s ever been,’” Ms. Jones said, but “it was discouraging.”


https://www.nytimes.com/2018/07/13/business/economy/wages-workers-profits.html
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Paychecks Lag as Profits Soar, and Prices Erode Wage Gains (Original Post) workinclasszero Jul 2018 OP
K & R...for visibility... Wounded Bear Jul 2018 #1
I've been seeing this for some time but alas our Iliyah Jul 2018 #2
Lots of jobs that won't cover the cost of living workinclasszero Jul 2018 #3
The CPI is up 2.9 percent in the year ending in Jume Progressive dog Jul 2018 #4
anecdoatal, but onethatcares Jul 2018 #5
Wow workinclasszero Jul 2018 #6
 

workinclasszero

(28,270 posts)
3. Lots of jobs that won't cover the cost of living
Sat Jul 14, 2018, 10:37 AM
Jul 2018

And Dump's tariffs making everything more expensive on top of it.

F**king genius, thanks Trump!

Progressive dog

(6,905 posts)
4. The CPI is up 2.9 percent in the year ending in Jume
Sat Jul 14, 2018, 11:26 AM
Jul 2018

The extra inflation that is coming from the tax cuts and the new sales taxes (tariffs) are on the way.
Those extra profits are probably being invested overseas. It is discouraging.

onethatcares

(16,172 posts)
5. anecdoatal, but
Sat Jul 14, 2018, 11:32 AM
Jul 2018

I pay attention to the cost of beer and two weeks ago a 24 pack of budweiser in aluminum cans was 16.95 at the local walmart. This week the 24 pack of budweiser is 22.95. I was thinking the aluminum tariffs really hit fast.

This one is going to hurt the beer drinking class hard.

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