Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
Blue-collar hiring and salary gains are continuing to remain hot in a cooling job market. According to a recent report from the Bureau of Labor Statistics, non-managerial workers earned the largest wage increase of any wage-and-salary group for the two-month period ending July of this year—a 2.7 percent increase, up from 1.4 percent in the same period last year.
The increase in wages could be attributed to the tight labor market for blue-collar workers. The report found that the number of job openings in blue-collar occupations has remained steady throughout the year, while the number of unemployed blue-collar workers has fallen from 4.9 million as of January to 4.6 million as of July this year. This could be indicative of employers’ increased willingness to pay more in order to attract and retain workers in a competitive job market.
Furthermore, the report also showed that the gains in blue-collar wages are broad-based. Wages for all blue-collar categories rose over the two-month period, with truck drivers, custodians, painters, and plumbers all achieving double-digit increases. The shift in wages is likely driven by increased industry demand, as employers in these industries seek to address rising demand for goods and services in a strong economy.
The overall job market may have cooled, but blue-collar job seekers are still in a great position. With increased wages and steady job openings, they are in prime position to take advantage of the current market conditions.