U.S. Biggest Job Growth Are Low-Wage Jobs – BLS.gov
original article written by Net Advisor™
WASHINGTON DC. On April 1, 2014, the U.S. Bureau of Labor Statistics (BLS.gov) released their Occupational Employment and Wages report (PDF). The report looks back about one year at the U.S. job market and focuses on what kind of jobs are growing and by how much. The results were no joke.
The BLS reported that the number one area for job growth in the USA were retail salespersons and cashiers. These tend to be low-wage jobs and made up 6 percent of the entire U.S. labor force or 7.8 million people in total.
Top 10 Largest Occupations in the USA are Lower-wage Jobs.
There was one exception in the top 10 largest occupations group and that was registered nurses.
“The 10 largest occupations accounted for 21 percent of total employment in May 2013.
In addition to retail salespersons and cashiers, the largest occupations included combined food preparation and serving workers, including fast food; general office clerks; registered nurses; waiters and waitresses; and customer service representatives…
…Most of the largest occupations were relatively low paying.”
— Source: Bureau of Labor Statistics, April 1, 2014 (BLS.gov)(PDF)
Registered nurses had the highest wage in the top 10 occupations group at an annual average of $68,910. Food preparation related jobs earned an average of $18,880 per year where as secretaries, assistants, except legal, medical, and executives had a medium income of $34,000 a year.
About 57% of All U.S. Jobs Are Low-Wage Jobs
When all job groups were combined in the USA, the average income was $46,440 per year or $22.33 per hour. We then calculated based on BLS.gov’s numbers by adding the low-wage sectors together (PDF). As a result, a little over 57 percent of all U.S. jobs are considered low-wage jobs.
Most Highest Paying Jobs Tend to Be Management, Legal to Technical
The BLS reported that the highest paying U.S. jobs were management level, legal, computer/ mathematical, architecture and engineering. The average wage for the group of 19 math and computer-related “high-paying” jobs earned an average of $50,450 a year and $109,260 for specialists and research scientists. The BLS did not cite average pay for management or legal jobs in this report.
Jobs in the securities and commodities industry such as stockbrokers, traders, and the similar had higher average incomes between $104,900 and $130,800.
Quick Insight on Wall Street Jobs
As someone who has a history in this industry I can tell you that most people don’t make this, and most people 50-70 percent leave their employer (by choice or by being cut) within two years, and 80 percent or more are gone by their third year.
It is very time-demanding working 12-16 hours a day, 7 days a week especially in the first several years to build a client base if working at the retail or institutional account levels. One is also pretty much on their own, and responsible for their own work, and must show regular success often measured monthly from day one. It gets a little easier once you have established yourself.
A proprietary trader can be among the high-end pay. A trader requires tremendous insight, intuition, instantaneous analysis, understanding market history, basic economics, patterns and trends, psychology, strong communication skills and a little luck. Taking a $500 or $5,000 course from a TV infomercial will not make one an expert. The industry is highly competitive, but if one makes huge personal and social sacrifices, the rewards are there.
Private Jobs Represent 90% of U.S. Employment
The BLS also reported that private sector jobs accounted for 90% of the U.S. labor force. The only problem is the U.S. labor force participation rate is at the lowest it’s been in 35 years.
Postal Service Among Largest Number of Federal Jobs
Three out of the five largest job sectors in the U.S. federal government were postal-related jobs, and USPS-related jobs accounted for 19 percent of the federal labor force. The BLS did not state their wages or benefits in this report.
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