Your paycheck is not getting fatter because companies like Amazon are helping keep wages down, according to an outspoken and widely followed analyst at Bank of America Merrill Lynch.
"[R]obotics, automation, artificial intelligence, [and] the daily disruption of technology are all killing wage expectations," strategist Michael Hartnett said in a note Wednesday. "[C]orporations continue to emphasize cost-cutting over risk-taking and wide [swaths] of the labor market see that their ability to maintain wages & incomes are under enormous threat from technology."
Hartnett said these disruptions are contributing to the "Amazonification of Main Street," which is making once costly services and goods become cheaper. Amazon has fully disrupted the retail space and may fully change the grocery-store business with its proposed purchase of Whole Foods.