Visualizing How COVID-19 Impacted Global Wages
In the years leading up to the pandemic, annual global wage growth was fluctuating stably between 1.6%–2.2%. Now, income, working hours, and employment have all been impacted by COVID-19—but for those who have held onto their jobs, how have wages been affected?
This interactive chart from the International Labour Organization (ILO) reveals how the global pandemic has affected both nominal and real wages, as well as unemployment rates.
The date of data collection varies on a country-by-country basis, using the most recent available data. The most recent measurement of wage indices is from September 2020 in some countries and the least recent available data comes from Q2’2020. In select countries the date of unemployment rates and wage indices are different. As a point of reference, the average wage index in 2019 was 100.
Note: the ILO uses national statistics databases and only the select countries had enough recent, available data for all three elements: nominal wages, real wages, and unemployment.
Where Average Wages are Falling
Average wages in many countries either plateaued or decreased significantly during the global pandemic. Sharp declines happened across a number of European countries, as well as in South Africa and Japan, for example.
|Country||Unemployment Rate||Real Wage Index||Nominal Wage Index|
|🇻🇳 Vietnam (as of Q2'2020)||2.7%||92.4||94.4|
|🇪🇸 Spain (as of Q2'2020)||15.3%||92.5||92.3|
|🇲🇽 Mexico (as of August 2020)||5%||94.4||98|
|🇿🇦 South Africa (as of Q2'2020)||23.3%||95.2||97.4|
|🇰🇷 South Korea (as of August 2020)||3.1%||96.2||96.8|
|🇷🇺 Russia (as of August 2020)||6.4%||96.9||100.5|
|🇨🇿 Czech Republic (as of Q2'2020)||6.6%||97.8||99.6|
|🇸🇰 Slovakia (as of Q2'2020)||6.6%||97.8||99.6|
|🇯🇵 Japan (as of August 2020)||3%||98.6||98.7|
|🇫🇮 Finland (as of August 2020)||7.9%||99.6||100.1|
|🇩🇪 Germany (as of Q2'2020)||4.4%||99.6||100.5|
Falling wages, however, do not necessarily mean that people are receiving less money, as many subsidies have been put in place to help cushion income or job loss.
In many cases where wage indices declined, employment did not. This is because different job retention schemes were put in place, wherein workers were furloughed, but were given a portion of their wages from the national government. This allowed unemployment rates to remain steady while wages tapered off.
In Europe, where wages have dropped considerably in many countries, wage subsidies have compensated for nearly 40% of wage bill loss in select countries. But while high income countries can afford to inject stimulus into their economies, most lower income countries cannot. This has come to be described as the fiscal stimulus gap.
Where Average Wages are Rising
While perhaps counterintuitive, rising average wages are in no way an inherent sign of a recovering economy or labor market. Regardless, when compared to 2019, wages have actually increased in the majority of countries, such as Brazil, Canada, United States, Italy, and the UK.
|Country||Unemployment Rate||Real Wage Index||Nominal Wage Index|
|🇨🇦 Canada (as of August 2020)||10.6%||107.6||108.4|
|🇲🇰 North Macedonia (Unemployment: Jun '20; wage data: Aug '20)||16.7%||107.6||109.7|
|🇧🇷 Brazil (as of Q2'2020)||13.3%||107.3||109.6|
|🇧🇬 Bulgaria (as of June 2020)||5.9%||106.9||107.8|
|🇭🇺 Hungary (as of August 2020)||4.4%||106.3||106.5|
|🇮🇹 Italy (as of Q2'2020)||8.3%||106.2||106.2|
|🇫🇷 France (as of Q2'2020)||7.1%||105.4||105.9|
|🇷🇸 Serbia (Unemployment: Jun '20; wage data: Aug '20)||7.7%||104.7||106.7|
|🇳🇴 Norway (as of Q2'2020)||4.6%||104.5||105.6|
|🇺🇸 U.S. (as of September 2020)||7.9%||104.3||106.2|
|🇵🇹 Portugal (as of June 2020)||7.3%||103.2||104.2|
|🇹🇭 Thailand (as of Q2'2020)||2%||103||100.6|
|🇷🇴 Romania (as of August 2020)||5.3%||102.5||105.2|
|🇳🇱 Netherlands (as of September 2020)||4.4%||102||103.6|
|🇬🇧 UK (as of September 2020)||4.8%||101.5||102.4|
|🇩🇰 Denmark (as of Q2'2020)||5.3%||101.4||101.5|
|🇸🇪 Sweden (as of August 2020)||8.8%||100.8||101.6|
|🇨🇱 Chile (as of August 2020)||12.3%||100.6||103.4|
|🇲🇾 Malaysia (as of June 2020)||4.7%||100.2||99|
One reason for higher average wages is something called the compositional effect. The compositional effect is what occurs when wages are not actually increasing, but the makeup of employment changes. For example, the loss and subsequent absence of many lower paying jobs from the labor market due to COVID-19 can skew the average wage upwards.
Brazil is a prime example of the compositional effect. As both nominal and real wages increase, so does unemployment. Brazil’s current unemployment rate is 13.3%, while wages have skyrocketed to a real wage index of 107.3 during the first half of 2020.
The loss of these lower paying jobs has been extremely widespread, most negatively impacting informal workers, self-employed vendors, and migrant workers. Some policymakers have seen this as an opportunity to call for universal basic income. Even with job retention schemes to keep unemployment steady, many people are earning far less income and may never return to normal working hours in their current positions.
The Best Selling Vehicles in America, By State
From Fords in the Midwest to Toyotas on the coasts, here are the best selling vehicles in America, visualized by state.
The Best Selling Vehicles in America, By State
From Ford trucks in the Midwest to Toyotas on the coasts, the best selling vehicles in America reveal a lot about the country.
Compared to other countries with fewer highways or narrower roads, the U.S. is very much a truck-friendly country. Across the U.S., the most sold vehicle in 2019 was the Ford F-Series of trucks, primarily the F-150.
As the home of the world’s pioneer automotive manufacturers, including Ford and GM, consumers primarily purchase local brands. But that hasn’t stopped Toyota, the largest foreign manufacturer in the world, from also gaining a foothold.
This graphic uses 2020 sales data from automotive information resource Edmunds.com, breaking down the best selling vehicles in each state through new vehicle retail registration.
What Are the Best Selling Vehicles in Each State?
Despite a slowdown in vehicle sales due to the COVID-19 pandemic and a global chip shortage, Americans still bought plenty of trucks last year.
In fact, 48 out of the 50 states had a truck or SUV as the top selling vehicle in 2020—and most states actually had trucks taking all of the top three spots. The only two with a car topping the leaderboard were California and Florida.
|Top Selling Vehicle By State (2020)||#1||#2||#3|
|Alabama||Ford F-Series||Chevrolet Silverado||Toyota Camry|
|Alaska||Ram 1500-3500||Ford F-Series||Chevrolet Silverado|
|Arizona||Ram 1500-3500||Ford F-Series||Chevrolet Silverado|
|Arkansas||Ram 1500-3500||Ford F-Series||Chevrolet Silverado|
|California||Honda Civic||Toyota RAV4||Toyota Camry|
|Colorado||Ford F-Series||Ram 1500-3500||Toyota RAV4|
|Connecticut||Honda CR-V||Toyota RAV4||Subaru Forester|
|D.C.||Toyota RAV4||Honda CR-V||Subaru Forester|
|Delaware||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Florida||Toyota Corolla||Ford F-Series||Toyota RAV4|
|Georgia||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Hawaii||Toyota Tacoma||Toyota 4Runner||Toyota RAV4|
|Idaho||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Illinois||Ford F-Series||Honda CR-V||Chevrolet Silverado|
|Indiana||Chevrolet Silverado||Ford F-Series||Chevrolet Equinox|
|Iowa||Chevrolet Silverado||Ford F-Series||RAM 1500-3500|
|Kansas||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Kentucky||Chevrolet Silverado||Ford F-Series||RAM 1500-3500|
|Louisiana||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Maine||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Maryland||Toyota RAV4||Ford F-Series||Honda CR-V|
|Massachusetts||Toyota RAV4||Honda CR-V||Ford F-Series|
|Michigan||Ford F-Series||Chevrolet Equinox||RAM 1500-3500|
|Minnesota||Chevrolet Silverado||Ford F-Series||RAM 1500-3500|
|Mississippi||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Missouri||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Montana||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Nebraska||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Nevada||Ram 1500-3500||Ford F-Series||Toyota RAV4|
|New Hampshire||Ford F-Series||Chevrolet Silverado||Toyota RAV4|
|New Jersey||Honda CR-V||Honda Civic||Toyota RAV4|
|New Mexico||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|New York||Honda CR-V||Toyota RAV4||Jeep Cherokee|
|North Carolina||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|North Dakota||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Ohio||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Oklahoma||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Oregon||Toyota RAV4||Ford F-Series||RAM 1500-3500|
|Pennsylvania||Ford F-Series||RAM 1500-3500||Honda CR-V|
|Puerto Rico||Toyota RAV4||Toyota Yaris||Toyota Corolla|
|Rhode Island||Toyota RAV4||Honda CR-V||Ford F-Series|
|South Carolina||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|South Dakota||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Tennessee||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Texas||Ford F-Series||Chevrolet Silverado||RAM 1500-3500|
|Utah||Ford F-Series||RAM 1500-3500||Chevrolet Silverado|
|Vermont||Ford F-Series||Toyota RAV4||RAM 1500-3500|
|Virginia||Ford F-Series||Toyota RAV4||Honda CR-V|
|Washington||Toyota RAV4||Ford F-Series||Ram 1500-3500|
|West Virginia||Ford F-Series||Chevrolet Silverado||Ram 1500-3500|
|Wisconsin||Ford F-Series||Chevrolet Silverado||Ram 1500-3500|
|Wyoming||Ram 1500-3500||Ford F-Series||Chevrolet Silverado|
The Ford F-Series was the clear leader in sales, primarily in the Midwest. With a top-selling spot in 60% of U.S. states, the F-Series was the best selling vehicle in America.
Combined with the Chevrolet Silverado and Ram 1500-3500 series, the big three American truck brands accounted for 73% of the top three selling vehicles across all American states and territories.
Japanese Automakers in the Mix
Though American manufacturers had the best selling cars in most states, they had some overseas competition.
Japanese manufacturers Toyota and Honda had the top-selling vehicle in 11 states (and D.C.). They primarily captured car sales along the coastlines, including in California, Florida, New York and Washington, some of the most populated states in the country.
|America's Best Selling Vehicles (2020)||Type||# Times in Top 3|
Despite many cars being available for sale in the U.S., only seven manufacturers made the top-selling vehicles list in 2020.
With the full effects of the COVID-19 pandemic yet to be reflected in the sales, and electric vehicle manufacturers like Tesla on the rise, how will the best selling vehicles in America evolve?
Ranked: Big Tech CEO Insider Trading During the First Half of 2021
Big Tech is worth trillions, but what are insiders doing with their stock? We breakdown Big Tech CEO insider trading during the first half of 2021.
Big Tech CEO Insider Trading During The First Half of 2021
When CEOs of major companies are selling their shares, investors can’t help but notice.
After all, these decisions have a direct effect on the personal wealth of these insiders, which can say plenty about their convictions with respect to the future direction of the companies they run.
Considering that Big Tech stocks are some of the most popular holdings in today’s portfolios, and are backed by a collective $5.3 trillion in institutional investment, how do the CEOs of these organizations rank by their insider selling?
|CEO||Stock||Shares Sold H1 2021||Value of Shares ($M)|
|Jeff Bezos||Amazon (AMZN)||2.0 million||$6,600|
|Mark Zuckerberg||Facebook (FB)||7.1 million||$2,200
|Satya Nadella||Microsoft (MSFT)||278,694||$65|
|Sundar Pichai||Google (GOOGL)||27,000||$62|
|Tim Cook||Apple (AAPL)||0||$0|
Breaking Down Insider Trading, by CEO
Let’s dive into the insider trading activity of each Big Tech CEO:
During the first half of 2021, Jeff Bezos sold 2 million shares of Amazon worth $6.6 billion.
This activity was spread across 15 different transactions, representing an average of $440 million per transaction. Altogether, this ranks him first by CEO insider selling, by total dollar proceeds. Bezos’s time as CEO of Amazon came to an end shortly after the half way mark for the year.
In second place is Mark Zuckerberg, who has been significantly busier selling than the rest.
In the first half of 2021, he unloaded 7.1 million shares of Facebook onto the open market, worth $2.2 billion. What makes these transactions interesting is the sheer quantity of them, as he sold on 136 out of 180 days. On average, that’s $12 million worth of stock sold every day.
Zuckerberg’s record year of selling in 2018 resulted in over $5 billion worth of stock sold, but over 90% of his net worth still remains in the company.
Next is Satya Nadella, who sold 278,694 shares of Microsoft, worth $234 million. Despite this, the Microsoft CEO still holds an estimated 1.6 million shares, which is the largest of any insider.
Microsoft’s stock has been on a tear for a number of years now, and belongs to an elite trillion dollar club, which consists of only six public companies.
Fourth on the list is Sundar Pichai who has been at the helm at Google for six years now. Since the start of 2021, he’s sold 27,000 shares through nine separate transactions, worth $62.5 million. However, Pichai still has an estimated 6,407 Class A and 114,861 Class C shares.
Google is closing in on a $2 trillion valuation and is the best performing Big Tech stock, with shares rising 60% year-to-date. Their market share growth from U.S. ad revenues is a large contributing factor.
Last, is Tim Cook, who just surpassed a decade as Apple CEO.
During this time, shares have rallied over 1,000% and annual sales have gone from $100 billion to $347 billion. That said, Cook has sold 0 shares of Apple during the first half of 2021. That doesn’t mean he hasn’t sold shares elsewhere, though. Cook also sits on the board of directors for Nike, and has sold $6.9 million worth of shares this year.
Measuring Insider Selling
All things equal, it’s desirable for management to have skin in the game, and be invested alongside shareholders. It can also be seen as aligning long-term interests.
A good measure of insider selling activity is in relation to the existing stake in the company. For example, selling $6.6 billion worth of shares may sound like a lot, but when there are 51.7 million Amazon shares remaining for Jeff Bezos, it actually represents a small portion and is probably not cause for panic.
If, however, executives are disclosing large transactions relative to their total stakes, it might be worth digging deeper.
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