MIAMI (CBSMiami) – The Dow Jones Industrial Average continued Monday to flirt with an all-time record high, but while corporations are getting richer; the same can’t be said for the workers producing the materials for those corporations.
According to the New York Times, corporate profits stood at 14.2 percent of national income in the third quarter of 2012.
That marked the largest share at any time since 1950. Conversely, the portion of income that went to employees was 61.7 percent, near its lowest point since 1966.
In addition, according to the Times, corporate earnings have jumped by an annualized rate of 20.1 percent since the end of 2008.
At the same time, disposable income inched ahead by 1.4 percent annually over the same after adjusting for inflation.
The news isn’t a surprise to most workers who have seen rising costs for consumer goods and gasoline take most, if not all, of the disposable income away. Some CEO’s said the lack of hiring and salary increases is thanks to productivity gains with new technology, according to the Times.