American labor costs have been so well contained of late that the proportion of nonfarm business revenue going toward wages, salaries, and benefits hit a record low 57.9% in the first quarter of 2012, the most recent period for which figures are available, says the Wall Street Journal. A decade earlier, the share was 62.7%. But when labor costs are low, companies are less willing to invest in labor-saving technology; the 10-year period ended in 2011, the latest on record, was the weakest for tech investment since World War II, the Journal says.
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