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Friday, September 2, 2016
Low-Wage Hires Dominate in August
FOR IMMEDIATE RELEASE
Low-Wage Hires Dominate in August
The Bureau of Labor Statistics reported that the U.S. economy hired 151,000 nonfarm workers in August, disappointing analyst expectations of 180,000 jobs. The private sector added 126,000 jobs. The national unemployment rate is a steady 4.9%.
Dent Research's analysis of 84 major industries found that the majority of jobs added in August (54%) fell below the measured median wage. More striking, we found that 28% of new hires fell into the lowest-paying of our 12 wage "buckets."
Restaurants and bars led all industries, adding 34,000 workers. This industry has hired 312,000 workers in 2016. Unfortunately, it's the second-lowest paying industry we measure. Workers earn an average of just $13.47 per hour. Social assistance businesses came in second with 21,700 workers. These jobs pay just $15.93 per hour, on average.
Rodney Johnson, Dent Research President and Index creator said: "The employment report was very disappointing, but not because of the headline number. Instead, it was the concentration of jobs in the lowest wage tier that made the month a disaster. This is exactly why we calculate the index – to show what's not evident in the initial government release."
Each month Dent Research produces detailed charts depicting where the job additions fall along the wage scale:
The Dent Research Employment Index digs beneath the BLS' headline numbers to measure the quality of jobs added each month. It provides a more complete picture of the job market by tracking where jobs are being created along the wage scale. For a more detailed explanation of our methodology, please click here to view our employment white paper.
About Dent Research
Dent Research is an economic forecasting and investment research firm and publisher that works diligently to provide you with the proprietary economic knowledge you need to accurately forecast what lies ahead in our economy so you can take the necessary and appropriate action to ensure prosperity in your business, investment and financial affairs.
The core of our work is what we call the Dent Method, which our founder and economic expert, Harry S. Dent Jr., developed in the late 1980s. It has the only documented record of success at forecasting long-term economic trends based on the study of and changes in demographic trends and their impact on our economy and the markets. It works by showing how predictable consumer-spending patterns, when combined with demographic trends, allow us to forecast the economy years or even decades in advance.
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