From Reuters, 9/2/04:
http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=4&u=/nm/20040902/bs_nm/economy_wages_dc
Weak Wage Growth Signals Risk to Spending
By Victoria Thieberger
NEW YORK (Reuters) -
Workers' wages shrank slightly over the past year despite the
expanding economy, official figures showed on Thursday, raising
worries about consumers' spending power in the months ahead.
Already, August sales data from the major retailers, including
Wal-Mart on Thursday, as well as the big automakers, have been worse
than expected, suggesting retail sales could be slightly negative for
the month, analysts said.
If workers' income gains continue to fall short of inflation,
consumers will have to increase reliance on credit or trim their
spending habits.
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McJob wages starting to take their toll on the economy.
Harry
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