Two-Thirds of America’s Biggest Retailers Are Worried About Flat Wages
This is a recovery greater than when Reagan was President? By a few cherry picked measures. but certainly not overall as this study implies.
It’s not just middle-class America that is feeling the crunch of dismal wages and stubborn unemployment levels. Even the corporations that sign the paychecks say workers aren’t making enough money.
Sixty-eight percent of the top 100 retail companies in the U.S. — a group that includes, Walmart, Apple, McDonald’s and J.C. Penney — say the country’s stagnant wages pose a major threat to their bottom lines, according to a new report by the Center For American Progress, a left-leaning think tank.
Researchers analyzed the most recent SEC 10-K filings of the largest 100 retailers in the country and found that more than two-thirds of these corporations issued warnings to investors that profits could be hampered by flat wages, high unemployment and low consumer spending. The trend is hammering companies that target high-income customers, like Whole Foods and Dillard’s, and those that market to low-income shoppers, like Dollar General and T.J. Maxx, according to the report.
The researchers pointed out that only half as many top 100 retailers identified flat wages as a business risk in 2006, the year before the Great Recession.