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Trend report

In fact, this wage value was below the peak by 22 percent. The report further showed that in the year 2012, the weekly wage earning recorded a remarkable growth to $294.78. This narrowed the gap from the peak by 14 percent (Kenneth, 2012). Table 1 below summarized the trend. Table 1: Based on Thomas’ report, 39 years had elapsed and yet the real wage was still below the reported peak wage of 1972. In the real sense, by 2011, it was still 14 percent below the peak wage (Thomas, 2012). Despite the dwindling wage levels for workers in the country, the Federal Reserve Bank claimed that the country’s productivity was at a steady increase during this period. Wage Trends The study by Lawrence, Jared and Heidi (2009) showed that wage trends fueled the inequalities in income growth in the United States. In the real sense, wage comprise of three quarter of the family’s total income. However, for the broad middle class group, salaries and wages consist of more than three quarters of the families’ income. It was estimated that between 1973 and the year 2011, real hourly wage attributed to a median worker only reported a 10.7 percent increase. This was mostly witnessed in the late1990s. On the contrary, real wage again registered a stagnated growth between 2002 and 2003. This is why the last decade is referred to as lost decades in terms of wage growth. Another prediction based on the study is that in cases unemployment problem persists, there is high likelihood that the country will have another lost decade in the near future. Wage trend in the last 25 years This section will provide the trends in the employees wage for the last two and half decades. Wage trend is known to have played a critical role in the families and households income trends, particularly, with the growing wage inequality being reported in the United States (Lawrence, Jared and Heidi, 2012). Basically, wage stagnation led affected income growth in the year 2000. It also contributed to high unemployment rates and recession of 2007 and 2011. The reason for the stagnation includes weak recovery phases between 2002 and 2007 and loss of income during the 2007/2008 financial crisis. In order to understand wage trend in the country for the last few decades, analysis was done on hourly, weekly and monthly trends. The trends in the three categories are driven by a number of factors, for instance, annual wages are influenced by hourly wage, as well as, working hours per week. Similarly, trends in the weekly wage are affected by number of working hours per week and the pay per hour. The following table is an illustration of the distinguishing features of hourly, weekly and annual wage trends between 1967 and 2010. Table 2 Source: (Murphy and Welch, 1989) Table 3: Annual Growth Rate Year Productivity/ Hour (2005= 100 Real Wage Levels Hours Worked Annual Wage Weekly Wages Hourly Wages Annual Hours Weeks/Year Hours/Week 1967-1973 2.40% 2.50% 2.60% 2.90% -0.40% 0.00% 0.10% 1973-1979 1.30% 0.80% 0.50% 0.40% 0.50% 0.20% 0.10% 1979-1989 1.70% 1.30% 1.00% 0.90% 0.50% 0.30% 0.10% 1989-1995 1.30% 0.50% 0.30% 0.10% 0.40% 0.20% 0.20% 1995-2000 2.30% 2.40% 1.90% 1.80% 0.50% 0.40% 0.10% 2000-2007 2.00% 0.00% 0.10% -0.10% 0.10% 0.10% -0.10% 2007-2010 2.00% -0.30% 0.30% 0.90% -1.20% -0.60% -0.60% Source: (Murphy and Welch, 1989) Based on the information presented in table 2, it clearly portrayed the significance of distinguishing wage trends based on hourly, monthly and annually. For example, 2007-2010 was characterized ...Show more

Summary

Name: Institution: Course: Instructor: Date: Wage Trend Report: Is American Dream Still Alive or Dead? The question of whether American dream is still alive or dead depends on a number of issues. This paper will look at this issue with focus on wage trend in the past 25 years…
Author : gutkowskiabraha
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