Category Archives: Business

More and More U.S. Clothes Are Made by Bangladeshi Workers Earning Pennies an Hour

by Categorized: Business, Consumer Affairs, Data, Employment, Finance, Politics, Poverty Date:

U.S. consumers horrified by the tragic building collapse in Bangladesh might want to check the manufacturer’s label on the clothing they’re wearing; data show the compact nation is now the fourth-largest source of apparel imported into the U.S., delivering $4.5 billion a year in goods.

That’s more than double the amount imported from Bangladesh a decade ago, and in that same time frame, Bangladesh’s share of the U.S. apparel market has nearly doubled as well. In 2003, Bangladesh ranked 10th among nations supplying the United States, with 3 percent of all apparel imports, Department of Commerce numbers show. But as manufacturers have sought ever-lower labor costs, that figure has jumped to 5.8 percent.

The shift in manufacturing to Bangladesh comes as wages are rising slowly in other apparel-producing countries, including China. Pay in Bangladesh increased three years ago as well, but the minimum wage for garment workers in the country is still about $38 a month.

Efforts to increase that amount have met resistance from factory owners and government officials, who fear even a small uptick in wages will lead Western brands to look elsewhere for suppliers.

Minimum Wage Fight – Historically, $9 an Hour is Higher than Average but Hardly Unprecedented

by Categorized: Business, Data, Finance, Politics, Poverty Date:

Gov. Dannel Malloy’s proposal to increase the minimum wage in Connecticut to $9 an hour over the next two years predictably has brought strong reactions from those who find it a boost for the working poor that will energize retail sales and those who see it as a jobs killer that will hurt small businesses.

But how does that $9 figure compare historically over the 62 years the legislature has been setting the minimum wage in Connecticut? Higher than average, but hardly unprecedented.

As the chart below shows, Connecticut’s minimum wage, in inflation-adjusted dollars, topped the equivalent of $9 an hour for most of the 1960s and ’70s, reaching a peak of $10.63 in 1971. But for the past 34 years, the minimum wage has been set below the equivalent of $9.

Both Malloy’s proposal, and the current minimum wage, are far more than the buying power set by the first legislatively established minimum wage in 1951, when the statutory 75-cent wage was the equivalent of $6.71 an hour in today’s dollars. Inflation ate away at that value until the legislature raised the minimum wage in 1957, and since then, the wage has fallen below the equivalent of $6.71 an hour only once – in 1995.

When the legislature has boosted the minimum wage – as they have done more than two dozen times since 1951- the new rate on average has been the equivalent of $8.78 an hour. Malloy’s proposal exceeds that by 22 cents, or about $450 a year for a full-time worker.

CT_MinimumWage

Twitter Users Weren’t the Only Ones Panicked by AP Hack

by Categorized: Business, Data Date:

The hacking of the Associated Press’s Twitter account created more than an embarrassment for the global wire service and way too many panicked retweets. It also caused an ever-so-brief panic on Wall Street.

As the chart below shows, trading volume soared and the Dow Jones Industrial Average plummeted (as did broader market indices) following a bogus Tweet indicating multiple explosions at the White House.

The market quickly recovered, but in that brief window, the market capitalization of U.S. stocks fell and rose by about $180 billion – suggesting that some people made a lot of money, and other people lost it, during the prank.

DJIA

Courant/Frontline Investigation Continues: The Deep Divide Over Guns in America

by Categorized: Business, Law Enforcement, Politics, Public Safety, Technology Date:

Following the Dec. 14 shootings at Sandy Hook Elementary School, many called for a renewed discussion of gun violence in America, predicting that the tragedy would bring the nation closer to agreement on solutions to keep deadly weapons out of the wrong hands.

But the Courant, in collaboration with the PBS show “Frontline,” found that two months after the attack that killed 20 students and six educators, the cultural gulf over guns  – in America, in Connecticut, even in Newtown – is deeper than ever, with little common ground between those who see guns as a source of enjoyment and protection and those who see guns only as killing machines.

A Deeper Divide: The Gun Control Debate After Newtown” explores that divide, from a dispute in Newtown last year over unregulated outdoor shooting,  to the newly energized supporters of stricter gun-control, to the newly steadfast gun enthusiasts marshaling to defend rights they fear they will lose to what they see as emotional and ineffective legislative proposals.

The package of stories includes two sidebars. “A Deeper Divide: In Newtown and Caught in the Middle” focuses on a lifelong hunter in Newtown who feels heat from both sides of the debate. “A Deeper Divide: Two Views on One Gun” explores the difficulty of defining the term “assault weapon,” and illustrates how far apart the two camps are, with the industry describing military-style semi-automatic firearms as “modern sporting rifles,” and one gun-control advocate describing those same guns as “military-grade people killers.”

The stories on the gun debate follows the publication of “Raising Adam Lanza” an in-depth examination by the Courant and “Frontline” on the life of the Sandy Hook shooter and his relationship to his mother, Nancy Lanza.

At 10 p.m. tonight, “Frontline” will air a special report on both joint projects with the Courant.