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U6 includes people who aren't looking for work but tell the survey take that they might possibly take the right job if it were dropped in their lap. Inflation
by yummyfajitas 10y ago
U6 includes people who aren't looking for work but tell the survey take that they might possibly take the right job if it were dropped in their lap.
Inflation adjusted hourly compensation has done nothing but rise.
https://fred.stlouisfed.org/series/COMPRNFB https://fred.stlouisfed.org/series/COMPRNFB
- maxerickson 10y agoCheck out table 4: https://www.bls.gov/opub/mlr/2005/05/art1full.pdf https://www.bls.gov/opub/mlr/2005/05/art1full.pdf For the bottom quarter by income, real wages are largely flat between 1979 and the publish date of that pdf.
- yummyfajitas 10y agoChart 1 of your own source shows the reason for that - growth has been more in benefits and less in wages. If you want to fix this, ban non-wage compensation (e.g. employer sponsored health insurance, 401k, etc).
- adjkant 10y agoLet's go back a second: you're claiming that blue collar unskilled labor jobs are going unfilled, but are also arguing that the growth in pay is in benefits. Yet, the jobs you say are going unfilled don't exactly have 401K matching here... And to be clear, I'm not taking either of those claims as true or false, just highlighting the dissonance.
- maxerickson 10y agoHow much in benefits do you think people making $25,000 a year are getting today? Anyway, It'd be interesting to see a binned version of the real compensation information. And also I think instructive to look at percent of income spending for things like housing and healthcare for the same bins over time.