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If wages are not growing under these extreme circumstances…

  • Pointers
  • US economy
  • US labor

Some stylized facts:

  • The pandemic caused 1M+ deaths, probably 15% more if looked at excess deaths
  • 3M+ workers retired early as a result of the pandemic
  • Long covid could be responsible for up to a third of the decline in labor supply
  • 140K+ Children lost their primary care giver so others had to stay home
  • Labor supply is still a full percentage point below pre-pandemic levels
  • Title 42 has kept out about 2.5M immigrants
  • There are 10M+ unfulfilled job vacancies, at least 2M more than the pre-pandemic level
  • Wage increases were not a prime cause of inflation
  • Profit margins are at their highest level since the 1950s

Yet despite all of these indications of extraordinary tightness of the US labor market, real wages have actually fallen 3% since March 2021

 

 

US real wages
December 28, 2022 admin

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