Wages of U.S. workers are being robustly beaten by the rapid adoption of automation in various industries. It is capturing a substantial part of the wages that workers have been striving to retain as their average income, according to new research released by economy experts.
The U.S. labor share has dramatically dropped by 53% in 2000, in spite of the lowering unemployment rate in the region. Technological advancements and rising use of robots have been the core reason for sinking wages for workers, as mentioned in the report released on Monday.
Industries have become very prompt in automating jobs, specifically hard to fill positions, which were comparatively tougher for the industry than the present. Rapidly evolving technology and robotics fields are providing such robots that can multi-task with superior skills than humans.
Consequently, workers have become unwilling to demand pay increments under pressure of being eliminated from their existing jobs as their employees are rapidly adopting robotics and automation as a superior option for humans. The condition clearly states the main causes of weakened wage growth regardless of the hardened position of the labor market.
The report also recommended that the ascent of automation could affect women-dominated sectors such as retail, with immense quantities of occupations going and not being supplanted, as distribution centers become progressively mechanized and self-administration checkouts supplant kept an eye on ones.
The researchers also found that the Asia-Pacific region is especially hit with the considerable wage gap between low-talented and high-skilled laborers higher than different zones. In North America, there is the greatest gap between much-demanded skills and those ready to fill jobs prompting more elevated levels of underemployment.