Use the information in the following table to determine the percentage changes in the U.S. and...
Use the information in the following table to determine the percentage changes in the U.S. and French real minimum wages between 1957 and 2016.
|
United States |
France |
|||
|
Year |
Minimum wage (dollars per hour) |
CPI |
Minimum wage (euros per hour) |
CPI |
|
1957 |
$1.00 |
27 |
0.19 euros |
8 |
|
2016 |
$7.25 |
240 |
9.76 euros |
106 |
Sources: For 1957: John M. Abowd, Francis Kramarz, Thomas Lemieux, and David N. Margolis, "Minimum Wages and Youth Employment in France and the United States," in D. Blanchflower and R. Freeman, eds., Youth Employment and Joblessness in Advanced
Countries,
Chicago: University of Chicago Press, 1999, pp. 427-472 (the value for the minimum wage is given in francs; it was converted to euros at a conversion rate of 1 euro = 6.55957 francs); For 2016: INSEE online data bank, www.insee.fr; U.S. Department of Labor; and U.S. Bureau of Labor Statistics.
Calculate the percentage change in U.S. real minimum wages between 1957 and 2016:
-----------
(Enter your response as a percentage rounded to two decimal places).
Homework Answers
Real minimum wages in US in 1957 = (1/27) x 100 = $3.704
Real minimum wages in US in 2016 = (7.25/240) x 100 = $3.021
% change in real wages = [(3.021-3.704)/3.704] x 100 = -18.44%
Thus, real minimum wages in US fell by 18.44% between 1957 and 2016
Note:
Formula used:
Real w = (Nominal w / CPI) x 100
% change = [(New value - Old value) / Old value ] x 100
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