Good news for you college grads who have shelling out big bucks and taking out loans to keep up with rising tuition -- jobs suck
High quality jobs in the U.S. have been replaced in the past three years by lower-paying, less stable employment, according to a report released on Monday by CIBC World Markets.
The report said since the economic expansion got underway in the U.S. in late 2001, the number of jobs in high-paying industries fell by more than 2 per cent while the number of jobs in low-paying industries rose by 1.2 per cent.
During the same time, the number of part-timers rose by more than 5 per cent and the number of self-employed Americans was also up by nearly 5 per cent, while regular full-time employment grew by just 1.7 per cent.
"Given that swap of good for bad jobs and the current employment distribution, it will take 20 per cent more jobs than in the last extension to generate the same salary gain," said CIBC World Markets' senior economist Benjamin Tal, the report's author.
The institution said its U.S. Employment Quality Index, established by examining the key factors of job stability, relative compensation and part-time vs. full-time employment, has fallen 8 points since 2001.