Brighten their holiday. Enrich their everyday.Give The Atlantic

Chart Of The Day


Via Yglesias. Ryan Avent rounds-up expert reactions to this trend. Here's Stephen Roach:

According to research published in the Monthly Labour Review of the US Bureau of Labour Statistics in April 2009, compensation of Chinese manufacturing workers was only $0.81 per hour in 2006just 2.7% of comparable costs in the US, 3.4% of those in Japan, and 2.2% of compensation rates in Europe. While these figures are now out of date by nearly four years, they underscore the magnitude of the gap between China and the developed worldand how difficult it would be to close that gap even under the most excessive of Chinese wage inflation scenarios.