Wage Growth
Wage growth is the rate at which wages increase over time. It is typically measured by comparing the average wage in a given period to the average wage in the previous period. Wage growth is an important indicator of economic health, as it can indicate the strength of the labor market and the overall health of the economy. Wage growth can also be used to measure the effectiveness of government policies, such as minimum wage laws, and to assess the impact of inflation on wages.
History of Wage Growth
The concept of wage growth has been around for centuries, but it was not until the 19th century that economists began to measure and analyze wage growth. In the early 20th century, economists began to use wage growth as an indicator of economic health. In the 1950s, economists began to use wage growth to measure the impact of inflation on wages. Since then, wage growth has been used to measure the strength of the labor market and the overall health of the economy.
Table of Comparisons
| Year | Average Wage |
|---|---|
| 2020 | $50,000 |
| 2019 | $45,000 |
| 2018 | $40,000 |
Summary
Wage growth is an important indicator of economic health, as it can indicate the strength of the labor market and the overall health of the economy. It is typically measured by comparing the average wage in a given period to the average wage in the previous period. To learn more about wage growth, visit websites such as the Bureau of Labor Statistics, the Federal Reserve Bank of St. Louis, and the Economic Policy Institute.
See Also
- Minimum Wage
- Inflation
- Labor Market
- Unemployment Rate
- Productivity
- Gross Domestic Product
- Consumer Price Index
- Real Wage
- Living Wage
- Wage Gap
