More than half the jobs created in 2014 so far pay more than $24.45 an hour.

Category: Video, Wages & Income

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

10 Responses to “58% of Jobs Created in 2014 Pay Over $24 an Hour”

  1. chartist says:

    Not sure what’s so special about $24.45. In New York City, that’s tantamount to minimum wage.

    • You want context in a blurb world? My assumption is the reference is to median household income. The latest “official” number is pretty stale, from Sept 2012 (next Census report due out in Sept this year for 2013), at $51,017. That is down slightly from $51,100 in 2011.

      $24.45/hr x 2080 hrs = $50,856. So more than half the jobs created came in near or below the median income. Good, bad, or indifferent? I would vote for good – I have expected a decade to fix this mess and we are almost 60% through that period.

      • Iamthe50percent says:

        The median income is the income by definition where 50% are above and 50% are below. So saying 58% of the jobs are above a wage that is below the wage where 50% are above seems almost a mathematical tautology. At best it means the median is moving very slightly upward. What we want to know is the median of the new jobs created so it can be compared with the median wage of existing jobs. If they have cited 58% above a wage above the current median, then a conclusion could be drawn. As it is, they compare a Naval Orange to a Fuji Apple.

    • correction: “…half the jobs created came in near or above (not below) the median income.”

  2. oleditor says:

    So why in the world would middle class people stay there?

  3. stonedwino says:

    BR: I’m still taking all the employment data with a serious grain of salt. Let’s see why:

    $24 per hour yields less than $50,000 per year in income, if said job gets a 2 week paid vacation, which most don’t. If the 2 week vacation is not paid, then said job pays $48,000 per year, which is still less that the $51,000+ current average US income. That is assuming most of these folks actually got full-time jobs, which we know is not the case. FYI, median US income in 2007 was almost $57,000. So why should we be excited with all the new jobs created, when the quality of the ‘well-paying’ jobs is going down consistently and that’s if you’re one of the lucky ones to actually land one of the full-time gigs.

    Lots of jobs are being created, but I don’t see why the excitement. If we really dig down into the quality of the jobs created, that is certainly suspect. Once we take into account the amount of well-paying full time jobs, the increase is nominal at best. We have a loooong way to go….

    How do income gains for the average American compare to the income gains of the 1%? They don’t…not even close – we have such a looong way to go…

  4. stonedwino says:

    I’m skeptical of all these massive job gains and the effect they are having on the economy or not. I own my own business and I’m not seeing the gains, au contraire – it seems like we have slow paced stagflation going on.

    The average American, especially someone who is under-employed or has been unemployed, is so far in the hole, chances are the income from the new job is going to pay for old debts, living expenses and maybe the start of a rainy day fund – these 100′s of thousands of seemingly newly employed Americans will take the next few years (as long as that job holds) to try and get themselves back to par – they WILL NOT be going back and spending that newly acquired income like drunken sailors, like if it was 1999 all over again. Wall Street and the MSM continually fail to grasp the dire straits most Americans are in financially. Until we see real income gains, not just new jobs – real income gains, like average income going back up, like back up on average by a few G’s, we will not be seeing any meaningful signs of new life in the American middle class.

    Happy July 4th to all.

    Keep the good stuff coming BR….Love the blog!

  5. JRobie says:

    Video from the Wall Street Journal.

    This was probably good news in the 1980s; not this decade.

    With food, housing, and energy costs, a person needs a minimum $52K annually just to stay even these days.

    I can’t tell from your About page, but it sounds like RWM is a hedge fund, yes?

    Last year, Investor’s Business Daily estimated almost 48 million people were looking for work:

    Obama’s been a gift for the 1%-ers and a disaster for the rest. Rank-and-file Democrats (aka voters) are leaving the party in droves.

  6. SumDumGuy says:

    Across the board (i.e. not just this site) so many Internet commenters are enraged about the job numbers, that it seems like things must finally be getting better. Maybe it’s just yet another sign of this being the most hated rally ever?

    • SumDumGuy says:

      Actually, I am amending my earlier statement. Millenials still have a 9% unemployment rage, so that’s probably the reason and source of all the anger. They feel like they’ve been forgotten. Oh, and apparently their U4 number is like 15%. What’s the traditional U4 for 18-29 year olds?