Wages have grown over the past few years at rates similar to historical trends. The frequently repeated claim that wages are “stagnant” is at odds with six measures of wages and compensation, which indicate that hourly and weekly real wages (wages adjusted for price inflation) have grown between 1 percent and 2 percent per year since the beginning of 2013. Rather than engaging in fruitless attempts to raise wages directly, policymakers can benefit workers by removing laws and regulations that have artificially increased the prices of consumer goods.
Recent data show that wages have been growing at rates comparable to their long-term trends. Measuring average wages accurately is more difficult than it sounds, so this Backgrounder examines six metrics of wage and compensation to present a complete picture.
View the full this article by the Heritage Foundation for more information on stagnant wages.
Through the Michigan Chamber’s partnership with WageAccess, you can gain access to valuable Compensation, Benefits, Pay Practices and Incentive Pay information and trends in the State of Michigan, and across the United States. Learn more about discounts offered to Chamber members.