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Thursday, May 7, 2009

Wages stay flat or decline for many workers


Workers across the country are experiencing stagnant or declining wages, while many are also seeing the values of their homes and retirement packages plummet. Employers initially only cut hours, but now are also slashing pay rates. Some state governments have frozen pay while others have furloughed employees. Although there is no evidence that the cuts have halted wage growth, overall pay increases have slowed tremendously. Wages for new hires and temporary employees have been slashed. Experts fear that economic recovery will be slow and gradual, with sluggish job creation.

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