Bureau of Labor Statistics releases latest estimate of how much labor receives of national income, showing bleak decline

Bureau of Labor Statistics releases latest estimate of how much labor receives of national income, showing bleak decline

When Jesse Motte began working at a Starbucks inside a Target store in Columbia, South Carolina, more than two years ago, $15 an hour sounded great. He was excited to start because it was the most he had ever made after working for years in the service industry.

The excitement has dissipated due to his inconsistent and erratic work schedule, the rising costs of necessities and the minuscule raises he and his co-workers receive annually. His most recent annual wage increase was $0.37 an hour.

Motte is not alone. This week, the Bureau of Labor Statistics released  its latest estimate for the share labor receives of national income for the first quarter of 2024. The statistics shows the income workers receive compared to the productivity their labor generates.

According to BLS, this income share has declined for non-farm workers from around two-thirds, 64.1% in the first quarter of 2001, to 55.8% in the first quarter of 2024.

    • mynachmadarch@kbin.social
      18·
      6 months ago

      It depends. Without systemic changes to prevent a new set of people from just grabbing everything up, in a short time we’re right back here in garbage land. We need forceful collective changes with safeguards placed for the future.

    • psvrh@lemmy.ca
      18·
      6 months ago

      Saying this on Reddit or Twitter is a great way to get your account suspended.

      'Cause racism, sexism and harassment are a-ok, but suggest that the rich would behave better if they were afraid instead of contemptuous and you’re in the penalty box.

    • henfredemars@infosec.pubEnglish
      4·
      6 months ago

      Welcome! Lemmy can always use new users.

      There’s generally no need for self-censorship here because there is no single entity or business that controls this platform. Lemmy taken as a whole has no commercial or political interest. There’s no advertisers to disappoint with controversial content. It’s is a loose federation of many instances and communities paid for by the people who use it.

      However, if you just prefer the new language and I’m old and outdated, then what do I know? In that case, you do you.

      • Beetlejuice001@lemmy.wtf
        11·
        6 months ago

        As if it makes a difference. My third since June, doesn’t everyone make a new one periodically?