Gabe Rubin

speaker

468 appearances 13 recordings 1 series first heard Apr 2018 last heard Oct 2023

Gabe Rubin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Black Workers, Young People Received Biggest Pay Hikes Last Quarter · 25 Jan 2023 podcast

So they've had to raise wages a lot to either hire new people or retain the workers they already have.

Yeah, they really are.

And it shows what can happen in a tight labor market.

It's that the benefits go to people who often miss out on these benefits.

Oftentimes with some demographic groups, you know, they've been missing out on some of the benefits of the economy for several decades at this point.

And they really only get a chance to catch up during these periods of strong wage growth and tight labor markets.

So I spoke to an economist, Aaron Sojourner, at the Upjohn Institute for Employment Research.

And he really crystallized this point by saying that these are groups that have experienced, his quote was, decades of pain in the labor markets.

And these increases really come as welcome relief.

And they're often few and far between these opportunities to get ahead of.

So it's really important that we see growth for the most disadvantaged workers when the labor market is tight, because if not now, it might not come another time.

Yeah, so wage growth was uneven across racial groups.

White and Asian workers continued to earn far more than other racial groups.

Median weekly earnings for a full-time Asian worker were $1,496 and white workers earned $1,111.

And that is significantly more than black and Hispanic workers.

And in terms of gender, men received a median 6.6% raise to $1,176 a week in the fourth quarter from a year ago.

And women's weekly wages rose 5% to $975 a week.

So that works out to women's weekly earnings being about 83% of those of men.

So the peak for those who hadn't finished high school in terms of these rapid wage gains actually happened about midway through 2022, and it has since cooled quite a bit.

So by late last year, those better pay increases were going to workers who attended college.

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