Nice Recovery, NOT!
According to a report prepared by IHS for the US Conference of Mayors:
The dot com "recovery": The average annual wage of $43,950 in the sectors that lost jobs during the 2000–03 period would not be matched by the average wage of $38,839 in those sectors adding jobs through 2006.
The annual wages projected to be earned in the advancing sectors fell $27 billion short of the annual wages lost in the declining sectors over 2000-2003.
The current "recovery": In 2008 and 2009 the US economy lost 8.7 million jobs. The average annual wage in sectors where jobs were lost in the downturn was $61,637.
A similar accounting of the jobs gains through 2014q2 shows
average wages of $47,171 per year. This wage gap, at 23%, is significantly larger than that of the earlier recession and recovery, and implies $93 billion in lower wage income.
Excerpts below...
The dot com "recovery": The average annual wage of $43,950 in the sectors that lost jobs during the 2000–03 period would not be matched by the average wage of $38,839 in those sectors adding jobs through 2006.
The annual wages projected to be earned in the advancing sectors fell $27 billion short of the annual wages lost in the declining sectors over 2000-2003.
The current "recovery": In 2008 and 2009 the US economy lost 8.7 million jobs. The average annual wage in sectors where jobs were lost in the downturn was $61,637.
A similar accounting of the jobs gains through 2014q2 shows
average wages of $47,171 per year. This wage gap, at 23%, is significantly larger than that of the earlier recession and recovery, and implies $93 billion in lower wage income.
Excerpts below...
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