Jobs are Back! But the Pay Stinks
(CNNMoney)–There are two problems with the jobs recovery to date. Employers haven’t added enough jobs. And those they have added aren’t particularly good ones. The former has gotten a lot of attention. But the low-wage jobs that have been added are also a cause for concern. “Growth has been concentrated in mid-wage and lower-wage industries. By contrast, higher-wage industries showed weak growth and even net losses,” said Annette Bernhardt, policy co-director for the National Employment Project. She said that growth has been far more unbalanced than during previous job recoveries. Bernhardt’s analysis of the first seven months of 2010 found that 76% of jobs created were in low- to mid-wage industries — those earning between $8.92 to $15 an hour, well below the national average hourly wage of $22.60.