Home > The Economy > USA jobs lost 2008-14, average wage of jobs lost, average wage of jobs gained

USA jobs lost 2008-14, average wage of jobs lost, average wage of jobs gained

from David Ruccio

jobs-wages

Yes, I know, a table (actually, 3 tables). . .

According to a new report from the U.S. Conference of Mayors [pdf],

In 2008 and 2009 the US economy lost 8.7 million jobs (Figure 1). By examining the sectors from which the jobs were lost, most notably manufacturing and construction (Figure 2), we find that the average annual wage in sectors (current wages weighted by number of jobs) where jobs were lost in the downturn was $61,637. A similar accounting of the jobs gains through 2014q2 shows average wages of $47,171 per year. This wage gap, at 23%, is significantly larger than that of the earlier recession and recovery, and implies $93 billion in lower wage income. (Figure 3).

Extensive job losses in high-wage manufacturing ($63K) and construction ($58K) sectors were replaced by jobs in the lower wage sectors of hospitality ($21K), health care ($47K), and administrative support ($37K).

In other words, over the course of the current “recovery,” American workers have been falling

  1. August 18, 2014 at 1:40 am

    Reblogged this on Explorations in Political Economy and commented:
    Thanks to David Ruccio …

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