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After 2030 No way to any job
By DWI Read | July 1, 2018
After years of slow growth, jobs are back in large numbers. The national unemployment rate is now 5.3 percent, down from the peak of 10 percent in October 2009. The economy added 250,000 jobs per month in 2014, the best year in job growth since the beginning of the millennium. The job growth fell off a bit in 2015, but has continued its deliberate advance, adding on average more than 200,000 jobs per month.
The economic recovery still has a long way to go. After all, this has been the worst recession since the Great Depression, and an unusually weak recovery.1,2 Yet, the American job machine is producing jobs again, especially for college graduates.3 But are these good jobs? Many media accounts suggest the nation is flooded with baristas who were trained to create business plans and Uber drivers who can solve differential equations. Certainly such overqualified workers exist, as they would in any economy, but we find they are the exception, not the norm. The surge in hiring is not concentrated in dead-end McJobs. If anything, the surge is concentrated at the other end of the scale: in good, high-paying jobs that provide benefits.
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There is no official definition of a good job. In this report, we define good jobs as those that are in the upper-third by median wages of occupations in which they are classified. These good jobs pay more than $53,000 annually for a full-time, full-year (FTFY) worker.4 This pay level is more than 26 percent above the median earnings of all full-time, full-year workers, which is $42,000 per year.5 A two-earner household in which both are employed in good jobs would have annual household earnings of more than $100,000.6 In addition, a majority of these good jobs are full-time (86 percent), offer health insurance (68 percent), and provide an employer-sponsored retirement plan (61 percent). On average, the employer-provided benefits add more than 30 percent on top of the employees’ reported annual wages and salary.
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