Added: Milo Ammerman - Date: 13.01.2022 14:05 - Views: 46697 - Clicks: 2856
This week, the Census Bureau released its report on incomes, earnings, and poverty rates for Most analysis has paid particular attention to the changes between andbut this post takes a deeper look at earnings by race and gender over a longer period of time—since White women for black men paint a more complete picture of what has happened over the last full business cycle plus the most recent recession and recovery Sincewages have been generally stagnant, and large gaps persist by race and gender, despite an expanding and increasingly productive economy.
Here, we discuss annual full time earnings, but the long-run trends are consistent with the hourly wage data. For an extensive discussion of hourly wage trends, see The State of American Wages Because of these divergent trends, the overall gender wage gap narrowed between andthough at a slower rate than in the two decades. As you can see in the figure below, real median earnings of full-time workers—male and female, black and white—have been relatively flat since For the most part, median wages were flat or falling in the full business cycle of —, and black men have still not grown past their levels.
Notes: Earnings are wage and salary income. White refers to non-Hispanic whites; black refers to blacks alone. Because a rede of the CPS ASEC in did not directly affect earnings, the data for are an average of the new and old series. Shaded areas denote recessions. Stagnant median wages are not desirable or inevitable. There has been substantial overall economic growth sinceand a growing economy has the potential to increase wages and improve living standards across the board.
Unfortunately, as with the decades leading up tooverall economic growth has not translated into rising wages for the vast majority of workers. The figure below illustrates the growth in real median earnings for black and white, male and female full-time workers between andand provides a useful benchmark: productivity growth over the same period.
Productivity growth—the growth of output of goods and services produced in an average hour of work—is a good representation of how the expanding economy could translate into broad-based wage growth. As you can see, productivity grew nearly 23 percent over this period of wage stagnation.
But even white women, who had the strongest median wage growth in this figure, saw their average wage grow less than half as fast as productivity. While the vast majority of workers missed out on the gains from growing productivity, those at the top reaped the rewards. You can see that pulling apart most distinctly in hourly wage data, which allows an examination of the top 1 percent.
Between andwages for the top 1 percent of earners increased percent, while wages for the bottom 90 percent only grew 21 percent.
This rising inequality has a clear cost. Between andthey did. They can again. While wage growth for most people has been stagnant or slow at best, there are also stark disparities by race and gender. Readily apparent from the first figure in this post is how much higher median earnings are for white men than any other group. Of these three groups, only white women have seen any sustained progress since narrowing the gap with white men.
And, on an annual basis inwhite women were still only paid 77 cents on the white male dollar.
Inblack men were paid only Meanwhile, inblack women were paid This White women for black men that there has been no progress on closing racial pay gaps sinceand the narrowing of the gender pay gap has been largely to the benefit of white women, a finding that is consistent with research on hourly wage gaps. These findings suggest that sustained and meaningful progress toward closing persistent disparities in pay by race and gender has been hindered by at least two barriers: failure to make ificant and consistent progress in ending the pay gaps between white men and other workers, and failure of wages for the vast majority of workers of any race to even come close to keeping pace with productivity growth.
Policymakers should attack both of these failures. At a minimum, full enforcement of anti-discrimination laws, aided by greater pay transparency, should be pursued to dent wage gaps by race and gender. Mending the broken link between productivity and pay for the vast majority will not only raise wages across-the-board, it will also bring an end to the zero-sum logic that has pitted working people against each other in recent decades.
An economy that sees the entire bottom 90 percent rise smartly can both rapidly close gaps between workers while giving everybody a raise. By the end ofthe unemployment rate had fallen to 4. At that level, employers should be finding it harder and harder to attract and retain the workers they want—and, therefore they should be raising wages in order to get them.
Workers, men and women, black and white, seem to need a tighter and tighter labor market to see stronger wage growth. Working Economics Blog. Figure A. Chart Data Download data The data below can be saved or copied directly into Excel. The data underlying the figure. Share on Facebook Tweet this chart. Copy the code below to embed this chart on your website. Figure B. Figure C. Demographic White women Tagged Income and wages Wages, Incomes, and Wealth. Search for:. up to stay informed New research, insightful graphics, and event invites in your inbox every week.
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