Economy

Last edited Mon Oct 20, 2014, 01:28 PM - Edit history (1)

Not only are hourly wages dropping, even salaried employees are seeing little or no gains. According to the latest quarterly survey of the National Association for Business Economics, only 24% of companies increased pay in the July-September quarter, down from 43% in the previous quarter.

Why? There’s no pressure on companies to raise pay because 9.3 million Americans are still jobless, up from 7.6 million before the Great Recession. Meanwhile, more than 7 million are working part-time but want full-time work. So employers can keep pay low, which they believe helps their profits. But they're wrong. Workers are also customers, which means low pay is hurting their sales.

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Ziggy