$0.45 Hourly Wage Increase for American Workers in Last Seven Years, While CEO Pay Increases by More than $5 Million
LOS ANGELES, Sept. 2, 2013 /PRNewswire/ -- In honor of Labor Day, which celebrates American workers, GoBankingRates.com investigated the status of the U.S. workforce, finding that hourly wages have barely budged for the average private-sector American worker in the last seven years.
The average American worker in the private-sector earned $23.98(p) per hour in July 2013, up from $20.31 in July 2006 ($23.53 when adjusted for inflation), a mere $0.45 increase. During that same period, the median compensation package for CEOs and executives went from $7 million to more than $12 million -- more than a $5 million increase.
"This $0.45 increase is paltry, to say the least," said Jennifer Calonia, editor for GoBankingRates.com. "This investigation shows the extensive gap between the average working American striving to support their family and the affluent top one percent."
- Workers have produced, on average, 1.7 percent more output from 2007 to 2012.
- While a U.S. worker makes an average of $34,645 a year, the average CEO makes 354 times that amount.
- Employed people worked an average of 7.6 hours a work day.
- Considering family income distribution inequality, or gini index scores, the United States has a bigger income gap than other similarly developed countries, including United Kingdom, Canada, Australia, Switzerland, Denmark, New Zealand and Italy.
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GoBankingRates.com arrived at these findings by evaluating average worker pay from the Bureau of Labor Statistics (BLS) (2006 – 2013) and CEO compensation from the Institute for Governance of Private and Public Organizations' 'Pay for Value: Cutting the Gordian knot of Executive Compensation' (2012) as well as AFL-CIO's current 'Executive Paywatch.' Worker output data comes the BLS preliminary multifactor productivity trends report (2012); data regarding the distribution of family income (or gini index) comes from the Central Intelligence Agency's 'The World Factbook.'
Note: (p) = preliminary
GoBankingRates.com (http://www.gobankingrates.com/) is a personal finance website that connects consumers with the best interest rates nationwide. It collects rates on savings, CDs, money market and checking accounts, as well as auto loans from more than 4,000 financial institutions. GoBankingRates.com's editors have been featured on several top media outlets such as US News, Yahoo! Finance, Forbes, The Street, LA Times, Huffington Post, Good Morning America, CBS, ABC Radio and more.
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