Tough News for Wage Earners
Writing in today’s Wall Street Journal, Mort Zuckerman, Chairman of U.S. News and World Report, notes that “[t]he average work week for rank-and-file employees in the private sector, roughly 80% of the work force, slipped to 33 hours. That’s 48 minutes a week less than before the recession began, the lowest level since the government began tracking such data 45 years ago. Full-time workers are being downgraded to part time as businesses slash labor costs to remain above water, and factories are operating at only 65% of capacity.” He goes on to say that “[t]he average worker saw no wage gains in June, with average compensation running flat at $18.53 an hour.”
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