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Wages fall in sagging jobs market

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Wages fall in sagging jobs market

Post by Guest on Fri Jul 08, 2011 3:31 pm

Even those who are lucky enough to have jobs are finding they have less spending power these days.

Workers made less per week in June than anytime over the past 18 months, when adjusted for inflation.

The downward spiral in wages is yet another sign of how troubled the jobs market is, economists said. And it will also slow the pace of the recovery since Americans won't start buying more until they are earning more.

"It's a symptom of how weak hiring is," said Heidi Shierholz, an economist with the Economic Policy Institute, a left-leaning research group. "Employers know they don't have to pay substantial wage increases to keep workers."

http://money.cnn.com/2011/07/08/news/economy/wages_jobs/index.htm

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