| Real wages in the US are falling at their fastest rate in 14 years, according to data surveyed by the Financial Times.
Inflation rose 3.1 per cent in the year to March but salaries climbed just 2.4 per cent, according to the Employment Cost Index. In the final three months of 2004, real wages fell by 0.9 per cent. The last time salaries fell this steeply was at the start of 1991, when real wages declined by 1.1 per cent. Stingy pay rises mean many Americans will have to work longer hours to keep up with the cost of living, and they could ultimately undermine consumer spending and economic growth. |
Since 1991. Hmmm.... What do 1991 and 2005 have in common? Ugh. When will this nation learn it should just stay out of the damn Bushes?
Gotta love that decline of .9% in the last 3 months. Fabulous. Stagflation here we come!
--------
0 TrackBacks
Listed below are links to blogs that reference this entry: THAT REMINDS ME....
TrackBack URL for this entry: http://www.alexwhalen.com/cgi-bin/mt/mt-tb.cgi/2033
Subscribe to this blog's feed
Leave a comment