While working stiffs are hanging on to record real pay despite rising food and energy prices, there are fewer of them relative to just plain stiffs. The ratio of payroll employment to the working-age population fell to 54.6% during February, the lowest since April 1985. It is down from a record high of 62.5% during December 1999.
Wages and salaries in personal income fell to a record low of 50.5% of personal income during February. It’s down from about 65% during the 1960s. Total compensation, which includes benefits, fell to a record low of 63.0% of personal income during February. It was over 70% during the 1960s.