Tuesday, July 22, 2008

Uneven Wage Increases

Although inflation is cutting deep, workers are earning more. Wages increased 4.2 percent overall in the past year.

The gains are not going to everyone, though. If you're a manager or a professional, such as a lawyer, your increase might not have kept up with inflation, according to the second-quarter earnings report from the Bureau of Labor Statistics.

The median weekly paycheck for full-time workers reached $719 in the second quarter, 4.2 percent more than a year earlier, BLS said. That is just under the 4.4 percent inflation rate for the same period. Professionals, however, gained only 3.5 percent, to a median of $978 a week. The median is the point at which half earned more and half less. Managers and those in financial positions also didn't do as well as other workers, with a 3.1 percent gain to bring the median weekly salary to $1,028.

While it is higher than other jobs, the rate of gain was slower -- a contrast with many pay reports that show senior management receiving better-than-average raises.

Women's median pay of $634 rose 4.4 percent, while men's median of $800 was up 4.8 percent.

-- Vickie Elmer

Tomorrow: Liberal arts pays