Jobs Added Post-Recession in US Pay 23 Percent Less, Report Says

Monday, 11 Aug 2014 11:14 AM

 

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Jobs gained following the U.S. recession pay 23 percent less than those lost as a result of the 18-month slump that ended in June 2009, a report by the U.S. Conference of Mayors finds.

The average wage of the positions recovered through the second quarter of 2014 was $47,171 per year compared with $61,637 for those lost in 2008 through 2009, according to the report.

The loss is almost twice as large as the one following the 2001 recession, according to the study prepared by IHS Global Insight, and represents $93 billion in foregone wages.

“While the economy is picking up steam, income inequality and wage gaps are an alarming trend that must be addressed,” Kevin Johnson, mayor of Sacramento, California, and president of the group, said in the report released Monday.

Earnings disparities are also worsening, the report showed. Average income is projected to rise faster than median income, suggesting that top earners are gaining a disproportionate share and pulling up the mean.

In 2014, median income is projected to gain 2.5 percent before adjusting for inflation, followed by 3.8 percent gains per year through 2017.

Average income is expected to climb 2.7 percent this year and by 4.1 percent annually through 2017.

Editor's Note: Weird Trick Boosts Retirement Income by 50%

© Copyright 2014 Bloomberg News. All rights reserved.

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