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Sign of inequality: US salaries recover even as jobs haven’t post pandemic
Sign of inequality: US salaries recover even as jobs haven’t post pandemic
In a stark sign of the economic inequality that has marked the pandemic recession and recovery, Americans as a whole are now earning the same amount in wages and salaries that they did before the virus struck even with nearly 9 million fewer people working.
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UPDATED: February 15, 2021 23:28 IST
A woman walks past a Now Hiring sign displayed at a CD One Price Cleaners in Schaumburg, Ill. In a stark sign of the economic inequality that has marked the pandemic recession and recovery. (AP)
In February 2020, Americans earned $9.66 trillion in wages and salaries, at a seasonally adjusted annual rate, according to the Commerce Department data. A separate measure tracked by the Labor Department shows the same result: Total labor income, excluding government workers, was 0.6% higher in January than it was a year earlier.
In a stark sign of the economic inequality that has marked the pandemic recession and recovery, Americans as a whole are now earning the same amount in wages and salaries that they did before the virus struck even with nearly 9 million fewer people working. The turnaround in total wages underscores how disproportionately America's…
These California Workers Will Be Left Behind Even When Jobs Recover from COVID
By Mark Kreidler
On 2/12/21 at 6:37 PM EST
This story is co-published with Capital & Main
The early stages of the COVID-19 crisis in America wiped out so many jobs so quickly that it could be difficult to focus on a single area of the damage. More than 20 million workers lost their positions between February and April of 2020 alone, a 15 percent decline.
But from the start, experts in economic inequities had a feeling about where this might go even when recovery began. And new research by the Federal Reserve Bank of New York bears out that concern: A year later, low-income workers remain on the outside of the job recovery picture looking in.