Economics Newsletter: The Rise of the Shorter Workweek
Despite reports that people have never worked harder, data reveals that people in America and Europe have been working fewer hours per week since the 1960s. It may be technology, the move to services, or just richer societies that can afford to consume more leisure. This figure from The Wall Street Journal shows that working hours fell even more during the pandemic and never recovered. This is in spite of higher hourly wages that should induce people to work more. It could be because time off became another way to compensate workers as market wages increased.
Source: The Wall Street Journal
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