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BLS explained the gap between productivity and compensation can be divided into two components, the effect of which varies by industry: 1) Recalculating the gap using an industry-specific inflation adjustment ("industry deflator") rather than consumption (CPI); and 2) The change in labor's share of income, defined as how much of a business ...
For example, the Gini coefficient of 0.513 for 2016 indicates that the average difference in income between pairs of households in that year was equal to 102.6 percent (twice 0.513) of average household income in 2016, or about $70,700 (adjusted to account for differences in household size).
In Luxembourg, the total gender income gap represents 32.5%. [152] The gender pay gap of full-time workers regarding monthly gross wages has narrowed over the past few years. According to the data from OECD (Organization for Economic Co-operation and Development) the gender pay gap dropped over 10% between 2002 and 2015. [153]
The earnings difference between women and men varies with age, with younger women more closely approaching pay equity than older women. [29] The Bureau of Labor Statistics reported that, in 2013, female full-time workers had median weekly earnings of $706, compared to men's median weekly earnings of $860.
Using statistical regressions, they found that human capital, region, and marital status account for 55 percent of the wage gap difference. An additional 20 percent of the wage gap was attributed to differences in occupational distributions between blacks and whites. Thus, 25 percent of the wage gap was unaccounted for by their model. [20]
In 2008, the wealth gap in terms of percentage of total income in the United States between the top 1% and 5% was 7% and the gap between the top 1% and top 10% was 9%. This is an 11% reversal from the respective percentage shares of income held by these groups in 1963. Income inequality clearly accelerated beginning in the 1980s.
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
As wage compression increases, the gap between low and high income earners minimises, this also means that the pay gap between employees of different skill, education and experience level minimises, which can very quickly result what is known as income inequality. [16]