Does the Surge of High-Wage Jobs Mean a Recovering Economy?

Reports from both Goldman Sachs and the Department of Labor revealed that millions of new jobs with higher wages have been created recently. According to the Department of Labor, the resurgence of high-wage jobs is not uncommon after recessions. The rate of hiring trickles up from low-wage jobs to more expensive hires.

Even though the economy is recovering, wages in general are still lower than they were pre-recession. Higher-wage jobs are being created, yes, but wage growth for existing jobs is weak. Non-college jobs in particular are seeing very little wage growth.

According to the Bureau of Labor Statistics, the service sector makes up 94.6% of new jobs through 2024, but many of those salaries will fall below $35,540 a year.

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