Wednesday, October 14, 2009

Along With Layoffs, Recession’s Cost Can Be Seen in Pay Cuts - NYTimes.com

Along
With Layoffs, Recession’s Cost Can Be Seen in Pay Cuts - NYTimes.com
:

"The Bureau of Labor Statistics does not track pay cuts, but it suggests
they are reflected in the steep decline of another statistic: total weekly pay
for production workers, pilots among them, representing 80 percent of the work
force. That index has fallen for nine consecutive months, an unprecedented
string over the 44 years the bureau has calculated weekly pay, capturing the
large number of people out of work, those working fewer hours and those whose
wages have been cut. The old record was a two-month decline, during the
1981-1982 recession.

“What this means,” said Thomas J. Nardone, an assistant
commissioner at the bureau, “is that the amount of money people are paid has
taken a big hit; not just those who have lost their jobs, but those who are
still employed.”"


http://www.nytimes.com/2009/10/14/business/economy/14income.html?th=&emc=th&pagewanted=all
con·cept: Along With Layoffs, Recession’s Cost Can Be Seen in Pay Cuts - NYTimes.com