I’m sure this will surprise no one but the highest income groups have seen their weekly earnings rise much faster than lower income groups.
From the latest period we have data for we see that managers and professionals earn much more than other workers in the economy – twice as much as clerical and production workers. And they have seen their weekly earnings rise much faster than other workers.
Managers and professionals have seen their weekly earnings rise by over 10 percent in the last three years. Clerical workers’ earnings have flat-lined. Production workers have seen their weekly income fall slightly.
As mentioned previously, we have to bear in mind the compositional effect. But overall, those with the highest incomes have seen their incomes rise. Not so, for lower income earners.
As I said, I’m sure no one will be surprised.