Labor Day reality check

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Somber Labor Day News:


GDP growth not reaching paychecks
The economic recovery that began in 2001 has lifted productivity growth and employment of late, but has had little impact on many workers' wages.
September 3 2007: 12:09 PM EDT

NEW YORK (CNNMoney.com) -- The economic expansion that began six years ago has failed to benefit most workers, according to a report from the nonpartisan Economic Policy Institute, released Monday.

Productivity growth, although slower of late, has been strong since 2000. After a sluggish start in the period, employment has picked up, although at a slower pace than in past recoveries. Yet, that growth hasn't transferred to workers' paychecks, particularly for workers at the lower and middle end of the pay scale, the report found.

~snip~

One of the reasons for the discrepancy between growth and productivity and real wages is that workers' bargaining power has diminished during the period, the report showed.

http://money.cnn.com/2007/09/03/news/economy/epi_report/index.htm?cnn=yes

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