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xchrom

(108,903 posts)
Fri Nov 23, 2012, 09:05 AM Nov 2012

Give Thanks and Raises to Millions of Retail Workers

http://www.bloomberg.com/news/2012-11-22/give-thanks-and-raises-to-millions-of-retail-workers.html



As you push your way through the shopping-mall crowds on Black Friday, pity the poor retail clerk.

Many of the U.S.’s 15 million cashiers and salespeople had little choice but to report to work before the sun rose the day after Thanksgiving, the frenzied start of the holiday shopping season. It was even more painful for some: Wal-Mart Stores Inc. (WMT) employees had to dash off to work in time for an 8 p.m. opening -- on Thanksgiving Day.

That’s not the only reason we empathize. Take a look at the typical retail worker’s salary. As of October, average hourly wages (excluding supervisory jobs) were about $14, according to the Bureau of Labor Statistics. Annual earnings came to about $20,000 for cashiers and $21,000 for salespeople. More than 700,000 retail employees live in poverty. Health insurance, sick leave and other benefits are pretty skimpy, too.

Now take a look at retail-industry earnings. According to U.S. Census data, in this year’s second-quarter, after-tax profits of retail companies with at least $50 million in assets totaled $19.3 billion, higher than in any other second quarter since 2008. Such results could signal a strong fourth quarter, when most retailers pull down their biggest profits. Wal-Mart, the U.S.’s largest employer, with a payroll of 2.2 million, as well as its largest retailer, earned $16 billion last year.
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