Seven decades of wage changes (IS 932 A1)

Between 1920 and 1990, the current annual average wage of individuals increased twenty-five-fold, while prices rose seven-fold. Thus, on the average, wage-earners increased their purchasing power by more than three and a half times over these 70 years. These gains were not obtained at a uniform rate over the entire period, however. During the first two decades, the changes in real wages were quite small, while the next 30 years saw large gains. The rate of growth in real wages began to decline in the 1970s, the smallest increase since 1920 occurring between 1980 and 1990.