U.S. Jobs Rose Since ’08 Crisis, But Pay Is 23 Pct Less: Report
A report by an organization representing U.S. cities said on Monday, jobs growth in the U.S. since the 2008 recession has been undermined by lower wages, with workers earning an average 23 percent less than earnings from jobs which were lost. according to the report by the United States Conference of Mayors, which represents cities with populations of more than 30,000, the average annual salary in sectors where jobs were lost – particularly manufacturing and construction – during the 2008-9 financial crisis was $61,637. The report said, job gains through the second quarter of 2014 in comparative sectors showed average wages of $47,171, implying $93 billion in lower wage income. The report also showed that the majority of metro areas – 73 percent – had households earning salaries of less than $35,000 a year.
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