|The Real Truth !|
Washington, D.C. -
According to the Bureau's report, a copy of which was given to TheRealTruth by a source inside the Department of Labor who wants to remain anonymous, of 5.3 million workers studied who had lost their jobs after at least three years with their employer, 67 percent of them found new work at a lower pay and 33 percent suffered wage losses of 20 percent or more. "If that trend continues," the report predicts, "even strong job growth in the coming months may not be able to sustain an economic recovery."
The Bureau of Labor Statistics reports that 79 percent of the new jobs formed in the last 6 months were in what it terms "low paying" industries like retailing and hospitality. Only 21 percent of the new jobs were in industries like construction and manufacturing that pay at or above the national average of $15.65 per hour.
It also cites several interesting statistics: The hospitality industry, which includes restaurants, hotels, and entertainment venues, is the nation's lowest paying sector. It pays an average wage of only $8.86 an hour. The retailing industry, which includes department stores, specialty stores, and grocery stores, pays an average wage of $12.04 per hour. By contrast, the manufacturing sector, which accounts for a majority of the jobs lost over the past 4 years, averages $16.52 per hour; and the construction sector, which is beginning to lose jobs due to rising mortgage interest rates, averages $17.67 per hour.
This is THE REAL TRUTH !
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