The new "wage race".

Are you having a hard time finding work that is equivalent in pay to what you were doing before 2007?

According to a NELP (National Employment Law Project) study of the Bureau of Labor Statistics employment data the job growth and recover from the 2008 recession has been much different than that of the 2001 recession.  Particularly, in the wages paid and type of jobs available. You can read the entire report here, but here are a few comparisons listed in their evaluation.

First 12 months after 2001 recession
Higher wage industries: 31% of new jobs
Mid-wage industries: 23% of new jobs
Low-wage industries: 46% of new jobs

First 12 months after 2008 recession
Higher wage industries: 14% of new jobs
Mid-wage industries: 37% of new jobs
Low-wage industries: 49% of new jobs

Regarding the 2008 recession:
High wage industries constituted `23% of the job loss, but 49% of recent job growth
Mid-wage industries constituted `36% of the job loss, but 37% of recent job growth
High wage industries constituted `40% of the job loss, but 14% of recent job growth

Industries struggling to create jobs:
-Construction    -Finance and Insurance
-Information      -Non-durable manufacturing (food, printing, chemicals, etc)

Industries creating jobs:
-Administrative and support services
-Waste management    -Durable manufacturing
-Ambulatory health care
-Retail    -Membership associations
-Repair and maintenance services

One thing you can glean from this information is that competition for higher paying jobs will be much tougher. What are you doing to prepare yourself for this wage race?

 
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