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New Hires Getting Left Behind on Pay

Article by Four Percent June 19, 2012 //   1 minute read

Kathleen Madigan, Wall Street Journal The weak pace of hiring in May cast a big cloud on the future of consumer spending. But the outlook dims more when you consider even those fortunate to get jobs are generally earning less than the average worker. Economists at the Royal Bank of Canada have calculated the average weekly pay of new workers in the U.S. versus the average weekly check earned by all private-sector employees. They looked at changes in hiring and average pay for the major employment sectors. What RBC found was that new-hire pay is starting to lag behind that of embedded workers. Over the past year, the weekly paycheck for new workers is about $36 less than the salary of existing workers. Read More (Subscription Required)