The Bureau of Labor Statistics is reporting that the weekly regular pay for production and non supervisory workers has been in decline for an unprecedented ten consecutive months. Yet despite those numbers, retail sales fell less than projected last month. Will Americans be able to spend their way out of the recession or will continued job losses and pay cuts stymie recovery?
Tom Nardone, Assistant Commissioner for Current Employment Analysis at the Bureau of Labor Statistics
Sylvia Allegretto, Economist, University California, Berkeley