The question that remains to be asked is why these labor savings (and increases in productivity) are not finding their way into the pockets of workers...
According to the Bureau of Labor Statistics (BLS):
Unit labor costs can be computed by dividing employer labor costs (payments made directly to workers plus employer payments into funds for the benefit of workers) by real value added output. Unit labor costs can also be computed by dividing hourly labor costs by output per hour.Related Posts
2 comments:
Because few employers pay in gold.
The end of the Vietnam war resulted in a sharp decline in worker real wages via gold revaluations (by Pres Richard Nixon). Likewise, the post-Iraq/Afghanistan era is enduring another horrendous decline in worker real wages, again, via gold revaluations (by the markets).
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