Charles Payne

There are a lot of ways to measure the economic rebound, but nothing is more important than having "good" paying jobs. On that note, a lot has been written about the quality of the jobs currently being produced to replace the jobs lost during the recession. However, by the end of the first quarter of 2014 (more than six years after the Great Recession began), the recovery has officially erased the 8,710,000 jobs lost.

Still, the compositions of those new jobs are vastly different, with a wage gap of $14,466 or 23% less.

Pre-Recession Average Job Wage $61,637

Top Five Occupations Lost Wage

Manufacturing

$63,215

Construction

$57,536

Retail

$29,322

Administrative

$37,084

Wholesale Trade

$71,417

Recovery Average Job Wage $47,171

Top Five Occupations Lost Wage

Accommodation & Food

$20,955

Healthcare

$47,013

Administrative

$37,084

Retail

$29,322

Professional & Scientific

$87,397

The difference to the economy adds up to $93 billion per year, which would be one heck of a stimulus; a real stimulus with no strings or taxes attached.

Nevertheless, the lure of big city jobs is making matters worse. With 73% of metro areas sporting an average wage of less than $35,000, big city jobs have turned more into an urban legend.


Charles Payne

Charles V. Payne is a regular contributor to the Fox Business and Fox News Networks. He is also the Chief Executive Officer and Principle Analyst of Wall Street Strategies, Inc. (WSSI), founded in 1991 which provides subscription analytical services to both individual and institutional investors.
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