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Where Is The Juice?

US employment growth continues to churn ahead, last month producing 222,000 jobs, continuing the 81-month stretch of job growth since October 2010. This phenomenal track record has resulted in the unemployment rate touching a 16-year low in May, and job openings hit a record high earlier this year. So with all this exceptionally good news, why aren’t wages keeping pace and rising?

Tepid growth on the wage front is confounding many because income should, in theory, rise faster as employers compete for increasingly scarce talent.  The Wall Street Journal last week noted that a more globalized economy is holding down what workers can earn everywhere, especially in rich countries who are losing manufacturing jobs to lower-wage economies. The other issue is the reduced power of unions that is dampening the bargaining power of workers. On the corporate front, we observe that corporations continue to hold the line on fixed salary growth and are shifting emphasis to higher variable compensation.

Alas, for JQ Worker, the healthy economy and job growth is not providing much juice in the paycheck.

About the SelectLeaders Job Barometer

The SelectLeaders Job Barometer, published since 2006, is the foremost survey of employment opportunities, trends, and hiring practices in the commercial real estate industry.

About the SelectLeaders Real Estate Job Network

SelectLeaders powers the Career Centers for 9 premier real estate industry Associations (whose members control or direct 90% of commercial real estate). Jobs are from all sectors and all levels with 29% paying over $100,000. SelectLeaders Job Network offers unequalled access to the Real Estate community. To learn more visit selectleaders.com or visit our Job Network Career Centers: BOMA, CCIM, CREFC, GlobeST.com, NAIOP, NAREIM, NAREIT, NMHC, PREA, Project REAP, ULI, NRHC

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