US jobs rose since 2008 crisis, but pay is 23 per cent less, according to report
Published on Aug 12, 2014 2:09 AM
WASHINGTON (REUTERS) - Jobs growth in the US since the 2008 recession has been undermined by lower wages, with workers earning an average 23 per cent less than earnings from jobs which were lost, a report by an organisation representing US cities said on Monday.
The average annual salary in sectors where jobs were lost - particularly manufacturing and construction - during the 2008-9 financial crisis was US$61,637 (S$77,031), according to the report by the United States Conference of Mayors (USCM), which represents cities with populations of more than 30,000.
Job gains through the second quarter of 2014 in comparative sectors showed average wages of US$47,171, implying US$93 billion in lower wage income, the report said.
The report also showed that the majority of metro areas - 73 per cent - had households earning salaries of less than US$35,000 a year.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here