Category Archives: Macroeconomics

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The Average U.S. Hourly Wage has Increased 25% Since 1997

The average U.S. hourly wage has been increasing steadily over the last 10 years. The increase has been from $12.51 an hour to $16.75 an hour, an increase of 25%. If increases continue at the current rate then in 2017 the average hourly wage will be $20.00 hourly (about $40,000 annually), $26.30 hourly in 2027 (about $52,000 annually), and $32.96 hourly in 2037 (about $66,000 annually). You can bet that inflation will keep pace though!

Below you will find a table with the average hourly pay for U.S. workers from 1997 – 2007.

Career Hacker careerhacker.com Bill Inman Employment Jobs Interview Resume Blog Success Boss Work Hiring

The following graph represents the same timeframe:

Career Hacker careerhacker.com Bill Inman Employment Jobs Interview Resume Blog Success Boss Work Hiring

For more information see:

The U.S. Department of Labor Bureau of Statistics
The White House Economic Statistics Briefing Room – Employment

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Career Hacker * http://www.careerhacker.com * By Bill Inman * http://www.billinman.com

Employment Confidence Statistics

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According to the Spherion Employee Confidence Index, fueled by a more optimistic outlook on the strength of the economy and number of jobs available, U.S. workers’ confidence hit new highs in November.

Do you feel that your ‘career confidence’ is in line with the following statistics?

  • 66 percent of workers believe the economy is strengthening or stabilized.
  • 64 percent of U.S. adult workers feel confident in the future of their employer, showing no change from October.
  • 16 percent of U.S. adult workers have no confidence in their own ability to find a new job, up three percentage points from October.
  • Only 35 percent of U.S. adult workers believe that fewer jobs are available, down three percentage points from October.
  • 26 percent of U.S. adult workers believe the economy is getting stronger, compared to 24 percent in October.
  • 79 percent of the U.S. workforce believes that it is unlikely that they will lose their jobs in the next 12 months, virtually unchanged from October.

Spherion Employment Report. [Spherion]

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Career Hacker * www.careerhacker.com * By Bill Inman * www.billinman.com

The Hot Major for Undergrads Seeking High Pay Is……

ECONOMICS

Jessica Vassellaro, of the Wall Street Journal Online writes, “according to the National Association of Colleges and Employers, economics majors in their first job earn an average of nearly $43,000 a year — not as much as for computer-science majors and engineering majors, who can earn in excess of $50,000 a year. But those computer and engineering jobs look increasingly threatened by competition from inexpensive, highly skilled workers in places like India and China.”

“Economics and business majors ranked among the five most-desirable majors in a 2004 survey of employers by the National Association of Colleges and Employers, along with accounting, electrical engineering and mechanical engineering. It wasn’t just banks and insurance companies that expressed interest in economics majors — companies in industries such as utilities and retailing did so, too.”

“Indeed, the rising popularity of the economics major appears to be a global phenomenon. A recent McKinsey Global Institute study found that the share of degrees in economics and business awarded in Poland from 1996 to 2002 more than doubled, to 36% from 16%; in Russia, the share jumped to 31% from 18%.”

“Pooja Jotwani, a recent graduate of Georgetown University in Washington D.C., says she is certain her economics degree helped her land a job in Lehman Brothers Holdings Inc.’s sales and trading division, where she will earn $55,000, not including bonus.”

The Hot Major for Undergrads Seeking High Pay Is Economics. [The Wall Street Journal Online – Jessica Vascellaro]

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Career Hacker * www.careerhacker.com * By Bill Inman * www.billinman.com

Macro View: Where the money and jobs were (1990), are (2005), and will be (2050)

The following slides illustrate the history and predictions on the global economy through 2050 [Presented by Spiegel Online with data sourced from Madison, IMF, and Goldman Sachs]. Click on any slide to display in a larger size.

The World in 2005
China has risen to the ranks of a global economic power and sets out on a course to surpass other nations in terms of economic might. Russia lags, India starts to develop, even if only gradually.

The World in 2050
The investment bank Goldman Sachs peers into the time machine: China has soared above the United States. Europe, once the motor of industrialization, has fallen markedly behind — even India is ahead. Resource rich Russia has reestablished itself as a global player.