With all the flap about pay levels and the minimum wage, here's a note of reality. The U.S. Bureau of Labor Statistics tracks hourly earnings, and reports that the average hourly rate for all employees on private, nonfarm payrolls is already over $10 an hour. So bringing the federal minimum to that level won't make much of a difference to buyers. The cost of labor is already factored into the selling price of a product.
However, at the specific level of $10.30, that pay rate is only seven cents above the level of a year ago. Economic recovery may be helping the owners, but workers haven't gained any spending power.
News item: Government is acting to include home health care aides in the minimum wage law, and to make them eligible for overtime pay after 40 hours in a week.
Meanwhile, prices continue to rise. The BLS reported that the Consumer Price Index rose 0.1 percent in August, after increasing 0.2 percent in July.
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