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Pay Gains Are Lagging Inflation: Just A Blip Or Enduring Trend?; Tighter U.S. job market will up wages, some say; others cite globalization.(A)
Byline: LAURA MANDARO
Payday isn't what it used to be.
The economy has ticked along at a healthy 3%-plus growth rate for 10 straight quarters, unemployment has fallen to 2001 levels and corporate profits are running strong. But wage and salary growth has been sluggish.
When energy-fueled inflation is taken into account, wages actually are falling.
That's good news for employers because it helps profit margins. It also lessens the risk of a '70s-type "wage-price spiral," where higher energy costs fed into labor and product prices.
But stagnating wages don't help the consumer, especially when it comes to spending on discretionary items like vacations and holiday sweaters.
The savings rate has been negative for several months. Double-digit increases in home prices have let many consumers keep spending by tapping their equity. But there are signs that housing is cooling.
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