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Inflation-adjusted earnings show workers losing ground in first quarter, with fewer living-wage jobs
WASHINGTON, April 15, 2022 /PRNewswire/ — Inflation-adjusted earnings for the first quarter of 2022 show that American workers are losing ground, forcing a larger percentage of the workforce out of living-wage job status for the month of March and into the ranks of the “functionally unemployed,” according to an analysis by the Ludwig Institute for Shared Economic Prosperity (LISEP).
LISEP issued its monthly True Rate of Unemployment (TRU) for March in conjunction with the quarterly True Weekly Earnings (TWE) report for the first quarter of 2022. TRU is a measure of the functionally unemployed — the jobless, plus those seeking but unable to secure full-time employment paying above the poverty line. TWE is a measure of real median weekly earnings after adjusting for inflation, and differs from the data issued by the Bureau of Labor Statistics (BLS) through inclusion of all members of the workforce, including part-time workers and those seeking employment.
In LISEP’s latest TWE report, overall median weekly earnings are down over the fourth quarter of 2022, dropping from $881 to $873 (These numbers, and all earnings numbers in this report, are recorded in inflation-adjusted 2022 Q1 dollars). Likewise the percentage of workers seeking but unable to find a full-time, living-wage job – the “functionally unemployed,” as defined by TRU – increased nearly …
Full story available on Benzinga.com
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