Path from low-wage work to advancement narrows with recession
The Great Recession slowed the move from entry level to higher paying jobs, widening the gap between the rich and others. Wal-Mart CEO Bill Simon says workers staying in low-wage roles hurts both the economy and business, as few stepping-stone jobs remain and advancement stalls.
MENTIONED IN THIS ARTICLE
Washington, D.C
Wal-Mart
U.S
Bill Simon
Wal-Mart US
Associated Press
Simon
Economic realignment hurts middle earners across the U.S.
The trend extends beyond Wal Mart to the broader economy as inflation adjusted income falls for the bottom 40 percent since 2007 while the top 5 percent recover. Occupations once pathways to the middle class have vanished across three recessions since 1991, including bookkeepers and executive secretaries earning about 16.54 dollars an hour.
MENTIONED IN THIS ARTICLE
Wal-Mart
U.S
Labor Department
Wall Street average bonus hits record high in 2013
New York City securities industry workers received an average bonus of more than 164000 dollars in 2013, a 15 percent rise and the third highest on record. The sector employed about 165,200 in NYC, with profits from broker/dealer operations near 16.7 billion dollars, down 30 percent from the prior year.
MENTIONED IN THIS ARTICLE
Albany
N.Y
New York City
Wall Street
New York
Thomas DiNapoli
New York Stock Exchange
DiNapoli
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