On 9/20/2010 1:00 PM, Doug Henwood wrote:
>
>> http://polpix.sueddeutsche.com/polopoly_fs/1.824966.1274120302!/image/image.jpg_gen/derivatives/860x860/image.jpg
> In what universe are U.S. real wages up 20% over a decade? Since this interval, 1995-2004, includes the only period in the last 35+ years in which we saw sustained real wage growth, the actual figure for real hourly earnings is +8%. Real hourly earnings are still 7% below where they were in 1973.
I'm guessing these figures are being expressed in Euros/Deutschmarks, not in local currency. Note that the most wacko numbers are for non-eurozone countries - Sweden, UK, US. So the growth would be an artifact of German exchange rate depreciation. And of course, this must be total labor compensation, with no attempt to separate out supervisory/managerial pay, etc.
SA
