Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/325091 
Year of Publication: 
2025
Series/Report no.: 
IZA Discussion Papers No. 18033
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
Using annual observations on U.S. non-farm workers from the late 1940s to 2019, descriptions of the movements of nominal wages, real consumption wages, and real product wages are reported. The prices faced by consumer workers and the prices faced by owner-managers move differently. Variables associated with movements in these wages are presented and the roles of these wages in accounting for changes in employment, hours of work, and in Labor's share are noted. Changes in real product wages have had a larger (negative) impact on the use of labor than changes in real consumption wages.
Subjects: 
nominal wages
real product wages
real consumption wages
labor productivity
JEL: 
J31
N31
N32
Document Type: 
Working Paper

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