Despite Tight Job Market, Labor Force’s Income Is Squeezed
Workers’ slice of the pie has been shrinking, confounding economists
WASHINGTON—With U.S. unemployment near lows seen a half-century ago and labor so scarce that companies routinely complain of shortages, you might think American workers, with more bargaining power, are getting a bigger slice of the nation’s economic pie.
They’re not.
Labor’s share of domestic income has been declining since 1970 and has barely...