Wages in U.S. Down 23 Percent Since 2008
August 12th, 2014Via: Plain Dealer:
While 8.7 million jobs have been regained since the 2008 recession, they are paying much less, by an average of 23 percent, according to a report released Monday by the United States Conference of Mayors.
The report comes as debate continues about income inequality in the United States.
“While the economy is picking up steam, income inequality and wage gaps are an alarming trend that must be addressed,” said Conference of Mayors President Kevin Johnson, the mayor of Sacramento, Calif., in a news release. “We cannot put our heads in the sand on these issues.”
The annual wage in sectors where jobs were lost, particularly in manufacturing and construction, during the recession was $61,637, but the average wage of new jobs through the second quarter of 2014 is $47,131, the report shows.
It represents a loss of $93 billion in wages, according to the report.
