Wage Growth Goes Nowhere During The Month Of May
Workers across the country are seeing wages slow to a virtual standstill as the economy continues a dismal recovery, according to a federal report Thursday.
The economy has improved slightly over the past year, but at a very slow rate. A new report from the Bureau of Labor Statistics, which tracks a multitude of economic trends including employment and wages, shows wages did not grow in the month of May.
“Real average hourly earnings for all employees were unchanged from April to May,” BLS detailed in its report. “Real average weekly earnings were unchanged over the month due to no changes in both real average hourly earnings and the average workweek.”
Workers on average are seeing their wages sit at $10.69 an hour throughout the country. The report also showed that the stalled wage growth followed a slight drop for the month of April. Over the past year wages have only increased by 1.4 percent. The report showed the largest jump in average wages at 0.5 percent over the past year happened in January.
The BLS found in its June 3 report that the already slow employment growth decreased even further last month. The economy only gained 38,000 new jobs in May compared to a monthly average of 219,000 new jobs over the last year. Federal Reserve Chair Janet Yellen claimed June 6 the economic recovery has been positive but admitted the latest jobs report is discouraging.
President Barack Obama entered office in the midst of a severe economic downturn known as the Great Recession, which was sparked by the subprime mortgage crisis and the financial crisis of 2007. Obama blamed the slow recovery on Republicans in March, while praising successes in his agenda.
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