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Graduates in unlucky cohorts suffer a wage decline of 6-7% for each percentage-point increase in the overall unemployment rate.
Greece has managed a wage decline comparable to Germany's earlier drop, again, relative to the European average (and in a third of the time).
Economic research has not been able to estimate with any confidence the wage decline for native workers that results from immigration.
Yet Greece, Spain, and Portugal continue to run substantial trade deficits.Here's one reason why:Back when Germany was developing its wage edge relative to the euro area its workers saw a nominal wage decline of 18% relative to the European average, but a much larger wage adjustment relative to the periphery, where wages were rapidly rising.
Acuff said the new law is necessary because the loss of power to form unions and bargain collectively "has led to 30 years of wage stagnation and now wage decline which has led to the economic crisis that we have today.
The average wage decline for blacks was driven by even larger declines among blacks with at least some high school.
Similar(45)
Joblessness and wage declines are also pronounced for those with only a high school education.
The 5.5 million public sector workers, who in the latest data are enjoying 0.5 per cent annual wage growth, or -1.4 per cent real wage declines, presumably don't count.
In the absence of real wage declines, the alternative is fire workers instead, which of course raises unemployment and squeezes demand.
But it's safe to say that the main burden of trade-related job losses and wage declines has fallen on middle- and lower-income Americans.
As for young computer workers, the labor market has recently tightened, with rising wages, because college students saw earlier wage declines and stopped majoring in math and science.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com