Pay for new hires is falling in some blue-collar jobs

Published On Sep 1, 2024, 6:40 AM

A recent report indicates that pay for new hires in several blue-collar job sectors has significantly decreased. Specifically, salaries in retail have fallen by 55.9%, agriculture by 24.5%, manufacturing by 17.3%, and transportation by 13.9%. In contrast, wages for white-collar jobs have generally risen. Experts attribute this pay decline to economic normalization post-pandemic and changes in the hiring landscape, leading to employers having more leverage over job seekers. Additionally, there are fewer signing bonuses and attractive counteroffers being made to job candidates.

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Stock Forecasts

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Negative

The declining wages in blue-collar sectors may suggest potential issues for companies reliant on lower-wage labor, which could affect their profit margins. Conversely, companies in the white-collar sphere may continue to see growth due to rising wages and demand for skilled labor.

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Negative

The trend of decreasing wages in blue-collar jobs could indicate reduced consumer spending in those demographics, potentially impacting demand for goods and services in sectors that rely on these workers.

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