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Thursday, January 08, 2009

Excess demand drives up wages?

The latest Conference Board report concerning on-line job ads was recently released. The report includes data on estimated supply-to-demand ratios and hourly wages across various job classifications. You can see the report here.

I grabbed the data and threw them into Stata to obtain this little graph which shows, at least among these industry classifications, that there is an inverse relationship between the net supply of workers in an industry and the prevailing wage rate.

This is a pretty picture from the point of view of an economist, perhaps not so pretty from the point of view of someone in the "transportation and material moving" industry.


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