By Presidential Proclamation, today is “Equal Pay Day,” a day meant to draw attention to the “fact” that women still aren’t getting paid the same as men. No matter how hard we try, we just can’t seem to catch up. 77 cents on the dollar – that’s where we ladies are sitting and stagnating.
Except it’s a myth. In today’s Wall Street Journal, Mark J. Perry and Andrew G. Biggs tear this disparity issue apart. It’s not simply a matter of who is getting paid how much for which job; there are a number of factors that must be examined. And once they are, Perry and Briggs say that equal pay for equal work is a myth.
The Bureau of Labor Statistics seems to uphold the idea that women still aren’t getting paid enough.
In its annual report, “Highlights of Women’s Earnings in 2012,” the Bureau of Labor Statistics states that “In 2012, women who were full-time wage and salary workers had median usual weekly earnings of $691. On average in 2012, women made about 81% of the median earnings of male full-time wage and salary workers ($854).”
This morning the federal government released the latest jobs report. You may have noticed confusing headlines and reporting about the data, such as this story from NPR, “Job Growth Less Than Expected, But Unemployment Hits 5-Year Low.” What does that mean? Is that bad news mixed with good news? How should we interpret the jobs report?
Here’s what you need to know to understand what the job report is, what it tells us, and what it means for the economy:
What is the “jobs report”?
The “Jobs Report” is the term often used to refer to the Employment Situation Summary, a monthly report issued by the Bureau of Labor Statistics that is based on surveys used to monitor the labor market. This report is released on the first Friday of every month.
Why is the jobs report considered so important?