Labor market in April: wages sit at record lows

Labor market in April: wages sit at record lows



29 травня 2015 года
ICU

April's report on employment conditions did not improve. The economy remains in a depression. National payrolls decreased 56,600, including 10,200 in industrial sector. Average pay in local currency, while inching up, remains at a near historical low of US$1.40/hour nationally and US$1.50/hour in the industrial sector. The national hourly wage rose slightly from March at US$1.30 seasonally adjusted. Such a decline in the purchasing power of the local currency (CPI was above 60% in April) explains weak retail sales data reported this year. Most likely, household consumption is under pressure this year. Combined with weak investments in 1Q, this could explain the 1Q GDP decline of 17%.

Источник: ICU

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