Reply to: Wage growth

[CretinWatcher]

This whole thread is a waste of time. Instead of talking about wage growth you should be talking about the coming permanent shrinkage of the job market
For some the days when they had a job, any job, will seem like a nostalgic paradise.

[Hobosapien]

I had 2 highly qualified friends leave the UK for the states in 2002 because of what they termed 'The ridiculous low wages for people of their skill set.' They are doing quite well in the US and have never regretted the move. I think low pay(relative to living costs) has been a problem in the UK for quite a while. I do accept that at the low skill level EU migration has also played a significant role in keeping wages depressed, but firms in general across all but the most senior levels, have kept wages low(sh) for at least the last 2 decades. IMHO.

The UK brain drain, being going on for decades if not since intercontinental travel was invented (i.e. boats). Anyone with a brain has opportunities abroad. Some choose to take them, most do not.

I myself could have been born a '10 pound pom' child if my parents had moved to Australia when given the choice. Not sure which outcome would have been best but no point regretting the past unless someone invents a time machine so can change it.

[DodgyAgent]

Okay - what will I spend the surplus on in the meantime?

Offer to increase your agent's margin

[sirja]

I had 2 highly qualified friends leave the UK for the states in 2002 because of what they termed 'The ridiculous low wages for people of their skill set.' They are doing quite well in the US and have never regretted the move. I think low pay(relative to living costs) has been a problem in the UK for quite a while. I do accept that at the low skill level EU migration has also played a significant role in keeping wages depressed, but firms in general across all but the most senior levels, have kept wages low(sh) for at least the last 2 decades. IMHO.

[PurpleGorilla]

Okay - what will I spend the surplus on in the meantime?

The Jacobite Army.

[vetran]

Okay - what will I spend the surplus on in the meantime?

FLC has some reliable Eastern European suppliers that will take your mind off the issue for 30 seconds.

[scooterscot]

stick with it for as long as possible

Okay - what will I spend the surplus on in the meantime?

[DodgyAgent]

Been here 5 years already - how much more time must I give it?

stick with it for as long as possible

[scooterscot]

Give it time.

Been here 5 years already - how much more time must I give it?

[LondonManc]

Germany has taken in loads of migrants and yet I'm paid silly amounts of cash. Loads.

What's going on?

Give it time.

[scooterscot]

Germany has taken in loads of migrants and yet I'm paid silly amounts of cash. Loads.

What's going on?

[jamesbrown]

Wouldn't you agree that a slower rate of change in employment level is good?

It depends what you mean by rate of change (and in what). Certainly, stable employment statistics are better than rapidly increasing unemployment OTOH, churn (hiring/firing) within the labour market is considered a good measure of a healthy labour force and a source of wage inflation. The employment statistics are stable but, as in the US, they hide a lot of ugly characteristics when you decompose them.

[BlasterBates]

We have to give him credit for not letting his obvious mental disadvantages get in the way of him contributing to the conversations on the forum.

Reports like that do have big words in them that you probably don't understand.

For a Brexit voter though your IQ isn't bad.

[LondonManc]

The rat is essentially self-employment and a lack of full employment. You see exactly the same pattern in the US. Essentially, QE and cheap credit (specifically, FLS in the UK) has allowed unproductive businesses to survive and retain their workforce, leading to a somewhat shallower recession but a very anaemic recovery. With a plentiful supply of labour, the work is distributed across more people. Hence, more people in work (largely self-employed) and lower wages. That's my take, anyway. Other explanations are available

Wouldn't you agree that a slower rate of change in employment level is good?

[jamesbrown]

I smell a rat.

The rat is essentially self-employment and a lack of full employment. You see exactly the same pattern in the US. Essentially, QE and cheap credit (specifically, FLS in the UK) has allowed unproductive businesses to survive and retain their workforce, leading to a somewhat shallower recession but a very anaemic recovery. With a plentiful supply of labour, the work is distributed across more people. Hence, more people in work (largely self-employed) and lower wages. That's my take, anyway. Other explanations are available