Here’s how much 30 types of hospital workers are paid

Hospital staff at Dignity Health - St. Mary Medical Center, in Long Beach, California.
Hospital staff watch Intensive Care Unit Nurse Merlin Pambuan, 66, walk out of the hospital where she spent eight months with COVID-19, at Dignity Health – St. Mary Medical Center, in Long Beach, California, on December 21, 2020.

  • May 6 to May 12 is National Nurses Week.
  • Jobs in healthcare, medical research, and hospitals have been especially important amid the pandemic.
  • Here are the average salaries of select hospital positions, based on BLS data from May 2020.
  • Visit Business Insider’s homepage for more stories.
30. Janitors and cleaners, except maids and housekeeping cleaners, earn an average of $31,700 a year, and there are 79,690 employed in hospitals.

hospital janitor maid

What they do, according to O*NET: Keep buildings in clean and orderly condition. Perform heavy cleaning duties, such as cleaning floors, shampooing rugs, washing walls and glass, and removing rubbish. Duties may include tending furnace and boiler, performing routine maintenance activities, notifying management of need for repairs, and cleaning snow or debris from sidewalk.

29. Orderlies earn an average of $31,820 a year, and there are 36,340 employed in hospitals.

orderly nurse gurney stretcher hospital

What they do, according to O*NET: Transport patients to areas such as operating rooms or X-ray rooms using wheelchairs, stretchers, or moveable beds. May maintain stocks of supplies or clean and transport equipment.

28. Nursing assistants earn an average of $33,680 a year, and there are 406,500 employed in hospitals.

nurse

What they do, according to O*NET: Provide basic patient care under direction of nursing staff. Perform duties such as feed, bathe, dress, groom, or move patients, or change linens. May transfer or transport patients. Includes nursing care attendants, nursing aides, and nursing attendants.

27. Cooks (institution and cafeteria) earn an average of $33,880 a year, and there are 34,660 employed in hospitals.

hospital kitchen

What they do, according to O*NET: Prepare and cook large quantities of food for institutions, such as schools, hospitals, or cafeterias; clean and inspect galley equipment, kitchen appliances, and work areas to ensure cleanliness and functional operation.

26. Phlebotomists earn an average of $36,300 a year, and there are 50,040 employed in hospitals.

Phlebotomist

What they do, according to O*NET: Draw blood for tests, transfusions, donations, or research. May explain the procedure to patients and assist in the recovery of patients with adverse reactions.

25. Security guards earn an average of $39,000 a year, and there are 43,840 employed in hospitals.

hospital security

What they do, according to O*NET: Guard, patrol, or monitor premises to prevent theft, violence, or infractions of rules. May operate X-ray and metal detector equipment.

24. Pharmacy technicians earn an average of $41,160 a year, and there are 69,640 employed in hospitals.

Pharmacy technician prescriptions
A technician stocks the shelves of the pharmacy at White House Clinic in Berea, Kentucky, U.S., February 7, 2018.

What they do, according to O*NET: Prepare medications under the direction of a pharmacist. May measure, mix, count out, label, and record amounts and dosages of medications according to prescription orders.

23. Emergency medical technicians and paramedics earn an average of $41,320 a year, and there are 49,330 employed in hospitals.

emergency medical technicians emt paramedics

What they do, according to O*NET: Assess injuries, administer emergency medical care, and extricate trapped individuals. Transport injured or sick persons to medical facilities.

22. Medical dosimetrists, medical records specialists, and health technologists and technicians (all other) earn an average of $50,900 a year, and there are 114,200 employed in hospitals.

medical records technician

This is a catch-all category that includes medical dosimetrists, medical records specialists, and health technologists and technicians. 

21. Surgical technologists earn an average of $51,350 a year, and there are 78,650 employed in hospitals.

surgical technician

What they do, according to O*NET: Assist in operations, under the supervision of surgeons, registered nurses, or other surgical personnel. May help set up operating room, prepare and transport patients for surgery, adjust lights and equipment, pass instruments and other supplies to surgeons and surgeon’s assistants, hold retractors, cut sutures, and help count sponges, needles, supplies, and instruments.

20. Clinical laboratory technologists and technicians earn an average of $57,740 a year, and there are 158,930 employed in hospitals.

Clinical laboratory technologist

What they do, according to O*NET: Perform complex medical laboratory tests for diagnosis, treatment, and prevention of disease. May train or supervise staff. Operate, calibrate, or maintain equipment used in quantitative or qualitative analysis, such as spectrophotometers, calorimeters, flame photometers, or computer-controlled analyzers.

19. Dietitians and nutritionists earn an average of $64,800 a year, and there are 21,980 employed in hospitals.

hospital fruit dietitian

What they do, according to O*NET: Plan and conduct food service or nutritional programs to assist in the promotion of health and control of disease. May supervise activities of a department providing quantity food services, counsel individuals, or conduct nutritional research.

18. Radiologic technologists and technicians earn an average of $65,250 a year, and there are 126,170 employed in hospitals.

radiologic technologist

What they do, according to O*NET: Take X-rays and CAT scans or administer nonradioactive materials into patient’s blood stream for diagnostic purposes. Includes technologists who specialize in other scanning modalities.

17. Public relations specialists earn an average of $66,070 a year, and there are 4,810 employed in hospitals.

hospital public relations pr

What they do, according to O*NET: Engage in promoting or creating an intended public image for individuals, groups, or organizations. May write or select material for release to various communications media.

16. Healthcare social workers earn an average of $66,330 a year, and there are 52,040 employed in hospitals.

Healthcare social worker elderly patient care

What they do, according to O*NET: Provide individuals, families, and groups with the psychosocial support needed to cope with chronic, acute, or terminal illnesses. Services include advising family care givers, providing patient education and counseling, and making referrals for other services. May also provide care and case management or interventions designed to promote health, prevent disease, and address barriers to access to healthcare.

15. Registered nurses earn an average of $81,630 a year, and there are 1,832,950 employed in hospitals.

nurses

What they do, according to O*NET: Assess patient health problems and needs, develop and implement nursing care plans, and maintain medical records. Administer nursing care to ill, injured, convalescent, or disabled patients. May advise patients on health maintenance and disease prevention or provide case management. Licensing or registration required.

14. Nuclear medicine technologists earn an average of $81,660 a year, and there are 12,740 employed in hospitals.

nuclear medicine

What they do, according to O*NET: Prepare, administer, and measure radioactive isotopes in therapeutic, diagnostic, and tracer studies using a variety of radioisotope equipment. Prepare stock solutions of radioactive materials and calculate doses to be administered by radiologists. Subject patients to radiation. Execute blood volume, red cell survival, and fat absorption studies following standard laboratory techniques.

13. Physical therapists earn an average of $92,960 a year, and there are 65,190 employed in hospitals.

physical therapist assistant

What they do, according to O*NET: Assess, plan, organize, and participate in rehabilitative programs that improve mobility, relieve pain, increase strength, and improve or correct disabling conditions resulting from disease or injury.

12. Physician assistants earn an average of $117,110 a year, and there are 32,840 employed in hospitals.

Physician Assistant

What they do, according to O*NET: Provide healthcare services typically performed by a physician, under the supervision of a physician. Conduct complete physicals, provide treatment, and counsel patients. May, in some cases, prescribe medication. Must graduate from an accredited educational program for physician assistants.

11. Nurse practitioners earn an average of $118,350 a year, and there are 53,960 employed in hospitals.

missouri nurse practitioner

What they do, according to O*NET: Diagnose and treat acute, episodic, or chronic illness, independently or as part of a healthcare team. May focus on health promotion and disease prevention. May order, perform, or interpret diagnostic tests such as lab work and X-rays. May prescribe medication. Must be registered nurses who have specialized graduate education.

10. Medical and health-services managers earn an average of $127,090 a year, and there are 137,800 employed in hospitals.

health service manager medical

What they do, according to O*NET: Plan, direct, or coordinate medical and health services in hospitals, clinics, managed care organizations, public health agencies, or similar organizations.

9. Pharmacists earn an average of $128,120 a year, and there are 83,990 employed in hospitals.

Walgreens pharmacy pharmacist
A pharmacist works at an internal pharmacy run by Walgreens at a Cisco health clinic at Cisco Systems in San Jose, California, U.S., March 22, 2018

What they do, according to O*NET: Dispense drugs prescribed by physicians and other health practitioners and provide information to patients about medications and their use. May advise physicians and other health practitioners on the selection, dosage, interactions, and side effects of medications.

8. Financial managers earn an average of $150,420 a year, and there are 10,310 employed in hospitals.

hospital administrator cfo

What they do, according to O*NET: Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.

7. General internal medicine physicians earn an average of $172,130 a year, and there are 16,900 employed in hospitals.

internist doctor physician

What they do, according to O*NET: Physicians who diagnose and provide non-surgical treatment of diseases and injuries of internal organ systems. Provide care mainly for adults who have a wide range of problems associated with the internal organs.

6. Family medicine physicians earn an average of $194,010 a year, and there are 19,790 employed in hospitals.

doctor patient

What they do, according to O*NET: Physicians who diagnose, treat, and help prevent diseases and injuries that commonly occur in the general population. May refer patients to specialists when needed for further diagnosis or treatment.

5. Nurse anesthetists earn an average of $196,700 a year, and there are 14,560 employed in hospitals.

anesthesiologist

What they do, according to O*NET: Administer anesthesia, monitor patients’ vital signs, and oversee patient recovery from anesthesia. May assist anesthesiologists, surgeons, other physicians, or dentists. Must be registered nurses who have specialized graduate education.

4. Chief executives earn an average of $214,550 a year, and there are 5,690 employed in hospitals.

Richard J. Murphy, CEO of South Nassau Communities Hospital.
Richard J. Murphy, CEO of South Nassau Communities Hospital.

What they do, according to O*NET: Determine and formulate policies and provide overall direction of companies or private and public sector organizations within guidelines set up by a board of directors or similar governing body. Plan, direct, or coordinate operational activities at the highest level of management with the help of subordinate executives and staff managers.

3. Surgeons earn an average of $219,540 a year, and there are 10,050 employed in hospitals.

surgeons

What they do, according to O*NET: Physicians who treat diseases, injuries, and deformities by invasive, minimally invasive, or noninvasive surgical methods, such as using instruments, appliances, or by manual manipulation.

2. Obstetricians and gynecologists earn an average of $220,680 a year, and there are 4,570 employed in hospitals.

Obstetrician gynecologist

What they do, according to O*NET: Physicians who provide medical care related to pregnancy or childbirth and those who diagnose, treat, and help prevent diseases of women, particularly those affecting the reproductive system. 

1. Anesthesiologists earn an average of $226,270 a year, and there are 4,200 employed in hospitals.

anesthesiologist doctor patient

What they do, according to O*NET: Physicians who administer anesthetics prior to, during, or after surgery or other medical procedures.

Method and data source

The coronavirus pandemic has had an effect on almost everyone’s daily life in some way. Hospital staff in particular are confronting the virus every day and putting their own health at risk to help test or treat those infected by coronavirus. 

Hospitals also have long been a big employer. BLS figures indicate that hospitals employ around 5.14 million Americans, according to the most recent data in April.

People who work in hospitals perform a wide range of jobs, including nurses who take care of patients, lab technologists who run complicated tests to detect disease, and radiology technicians who manage the scans that can help diagnose patients.

Those skilled occupations could explain why hospital workers tend to make more than the average healthcare worker. The average hospital worker made over $35 an hour and worked just over 37 hours a week on average, according to preliminary government data from March 2021.

There are about 6,090 hospitals across the US today, according to industry group the American Hospital Association, ranging from nonprofit community ones to for-profit hospitals and hospitals run by state and local governments or the federal government.

According to a Bloomberg report from 2019 citing data from the US Bureau of Labor Statistics, four out of the top five highest-paid jobs in the US are in the medical field, with physicians, surgeons, and general practitioners reporting salaries over $200,000.

Because of this, Insider decided to look at how their coworkers fare in hospitals based on the latest industry-specific data from May 2020. To do this, we took a look at typical salaries in 30 selected hospitals jobs with various job duties. This includes various types of physicians as well as other hospital positions, such as security guards and cooks. 

We ranked the above 30 selected occupations by their average annual salaries and included the total number of people employed in hospitals as of May 2020. Employment and salary data are from the Bureau of Labor Statistics’ Occupational Employment and Wage Statistics program.  We also included each job’s description as defined by O*NET.

A previous version of this article used May 2018 data and noted that figures were median annual earnings, but these figures were average annual earnings.

Read the original article on Business Insider

Here’s how much workers are paid at America’s amusement parks

Universal Studios in Orlando, Florida
Visitors attend the Universal Studios theme park first day of reopening from the coronavirus pandemic, on June 05, 2020 in Orlando, Florida.

17. Waiters and waitresses make an annual salary of $22,940.

restaurant waiter

Total employed in US amusement parks and arcades: 2,110

What they do, according to O*NET: Waiters and waitresses take orders from customers and serve food and drinks at restaurants or cafes.

16. Lifeguards, ski patrol, and other recreational protective service workers make an annual salary of $23,550.

lifeguard
A lifeguard runs into the water to rescue a youth that was calling for help in heavy surf due to being caught in a rip current on the Windward side of Oahu, Hawaii.

Total employed in US amusement parks and arcades: 5,330

What they do, according to O*NET: Lifeguards, ski patrol, and other recreational protective service workers make sure people are safe in amusement parks, whether they’re in the pool or on the slopes.

15. Fast food and counter attendants make an annual salary of $24,060.

cafeteria

Total employed in US amusement parks and arcades: 11,980

What they do, according to O*NET: Counter attendants serve food to customers from counters or steam tables. This job category includes cafe servers, cafeteria workers, and snack bar attendants.

14. Amusement and recreation attendants make an annual salary of $24,310.

Universal Studios in Orlando, Florida
Visitors attend the Universal Studios theme park first day of reopening from the coronavirus pandemic, on June 05, 2020 in Orlando, Florida.

Total employed in US amusement parks and arcades: 28,640

What they do, according to O*NET: Amusement and recreation attendants operate amusement concessions, kiosks, or rides, and maintain amusement park supplies and equipment.

13. Recreation workers make an annual salary of $24,320.

amusement theme park worker

Total employed in US amusement parks and arcades: 1,410

What they do, according to O*NET: Recreation workers organize and promote activities, including arts and crafts, sports, games, music, and other social activities.

12. Maids and housekeeping cleaners make an annual salary of $24,340.

housekeeping

Total employed in US amusement parks and arcades: 2,580

What they do, according to O*NET: Maids and housekeeping cleaners’ duties may include cleaning rooms, making beds, and vacuuming.

11. Cashiers make an annual salary of $25,110.

Walt Disney World Resort

Total employed in US amusement parks and arcades: 4,990

What they do, according to O*NET: Cashiers handle customers’ money using cash registers or scanners. 

10. Janitors and cleaners make an annual salary of $25,350.

janitor

Total employed in US amusement parks and arcades: 3,620

What they do, according to O*NET: Janitors and cleaners keep buildings clean and orderly using equipment ranging from brooms and mops to carpet cleaners and floor waxers.

9. Concierges make an annual salary of $28,110.

hotel reception

Total employed in US amusement parks and arcades: 1,040

What they do, according to O*NET: Concierges assist patrons with personal services, such as business services.

8. Restaurant, lounge, and coffee shop hosts and hostesses make an annual salary of $28,820.

restaurant host hostess

Total employed in US amusement parks and arcades: 1,300

What they do, according to O*NET: Host and hostesses welcome patrons, seat them at tables or in lounge, and help ensure quality of facilities and service.

7. Security guards make an annual salary of $30,440.

security guard black friday

Total employed in US amusement parks and arcades: 2,790

What they do, according to O*NET: Security guards monitor premises to prevent people from breaking the rules.

6. Transit and intercity bus drivers make an annual salary of $30,530.

bus driver

Total employed in US amusement parks and arcades: 1,000

What they do, according to O*NETThey drive buses and may assist passengers.

5. Customer service representatives make an annual salary of $31,040.

customer service representative

Total employed in US amusement parks and arcades: 1,760

What they do, according to O*NET: Customer service representatives assist customers with questions or complaints, either in person or over the phone.

4. Landscaping and groundskeeping workers make an annual salary of $32,280.

Gardener
A gardener irrigates a facility with imperial crowns on the grounds of the Brandenburg State Garden Show.

Total employed in US amusement parks and arcades: 1,470

What they do, according to O*NET: Landscaping and groundskeeping workers take care of lawns, plants, and trees. Their duties include sod laying, mowing, trimming, planting, and watering, along with keeping the area free of general trash and debris.

3. First-line supervisors of personal service and entertainment and recreation workers make an annual salary of $39,900.

hotel maid

Total employed in US amusement parks and arcades: 2,650

What they do, according to O*NET: First-line supervisors of personal service workers coordinate personal service workers like make-up artists, caddies, or maids.

2. Maintenance and repair workers make an annual salary of $40,200.

amusement theme park worker

Total employed in US amusement parks and arcades: 2,440

What they do, according to O*NET: Maintenance and repair workers make sure mechanical equipment is running smoothly. This includes pipe fitting, boiler repairs, welding, carpentry, and other general building repairs.

1. First-line supervisors of food preparation and serving workers make an annual salary of $41,540.

how much to tip waiter

Total employed in US amusement parks and arcades: 1,240

What they do, according to O*NET: First-line supervisors of food preparation and serving workers coordinate workers to ensure efficient customer service.

Method and data source

The salaries of amusement park workers in the US vary widely. The Bureau of Labor Statistics’ Occupational Employment and Wage Statistics program offers data on employment and wages across different occupations and industries.

According to BLS, the amusement parks and arcades industry employed about 125,250 people in May 2020, the most recent period for which data is available. The typical annual wage for all occupations in this industry is lower than the median for all occupations regardless of industry. The median annual wage in the amusement parks and arcades industry was $27,300, far below the median across all industries of $41,950.

For our analysis, we looked at the occupations with at least 1,000 employees in the amusement parks and arcades industry in May 2020. We then ranked this set of occupations from the lowest to highest median annual wage. We excluded sales representatives of services because although they had at least 1,000 employees, no median annual salary estimate was available for May 2020. 

In addition to the annual salaries, the above slides also include the number of people employed in each occupation in this industry.

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Charts show the US on the brink of a 4th coronavirus surge as variants spread and states relax restrictions

2021 florida spring break
Revelers flock to the beach to celebrate spring break in Fort Lauderdale, Florida, on March 5, 2021.

  • US coronavirus cases have increased 12% in the last week. About 30 states are reporting upticks.
  • Experts think the spread of a more infectious, deadlier variant is partially to blame.
  • Charts show how cases are spiking in the six states seeing some of the most dramatic increases.
  • See more stories on Insider’s business page.

Although 23% of the US population is now vaccinated against the coronavirus, the director of the Centers for Disease Control and Prevention has warned of “impending doom.”

In a press briefing on Wednesday, Rochelle Walensky said the US is in “a critical moment in our fight against the pandemic.”

In the last seven days, average daily case numbers have trended up in more than 30 US states. The country’s daily number of new cases has risen 12% during that time, according to Walensky. Hospitalizations nationally increased 5%, on average, over the last two weeks.

“For the health of our country, we must work together now to prevent a fourth surge,” Walensky said earlier this week.

US deaths are still trending down overall, but spikes in mortality typically appear at least three weeks after cases go up. And 900 Americans dying of COVID-19 per day is still far too many, Walensky said.

Not all states are seeing equal surges – the rise in new COVID-19 cases is more pronounced in the Northeast, Michigan, and Florida.

Anthony Fauci, President Joe Biden’s chief medical advisor, said states with new case spikes share commonalities: They are either loosening restrictions on indoor activities and gatherings too quickly, or they’re being disproportionately affected by infectious coronavirus variants, like the B.1.1.7 variant first found in the UK. Or both.

“This tension between the desire to start opening up and the risk associated with B.1.1.7 is placing us in a precarious position,” Yonatan Grad, an infectious-disease researcher at Harvard’s T.H. Chan School of Public Health, told STAT. “It would be great if people could wait a little bit longer until we get higher levels of vaccine coverage.”

States with more variant cases are seeing surges

Florida’s cases have increased 8% in the last two weeks, as hordes of college students and spring breakers flocked to beaches near Miami for vacation.

CDC data shows Florida has both the highest total number of B.1.1.7 cases – 2,351 – and a higher proportion of total cases linked to the variant than any other state: 13.2%. Studies have found that this mutated strain is 50% to 70% more contagious than its predecessors.

“More infections will result because of B.1.1.7,” Walensky said Wednesday. B.1.1.7 is responsible for about 26% of US cases to date.

Michigan is also struggling with B.1.1.7’s spread. It has 15% of the US’s total cases linked to that variant: more than 1,230. Studies suggest people who get infected with B.1.1.7 are up to 64% more likely to die than those who get other coronavirus strains.

Michigan’s weekly average of new daily cases have increased almost fourfold in the last five weeks, despite a statewide mask mandate. Jackson and Flint have some of the highest case rates in the US.

Daily hospitalizations in Michigan have more than doubled in the last month.

New York, too, is seeing a new spike that could be due to infectious variants – both B.1.1.7 and another variant called B.1.526, which was first detected in New York City in the fall.

Epidemiologist Dr. Jay Varma, New York City’s senior advisor for public health, told Gothamist that together, B.1.1.7 and B.1.526 accounted for more than half of New York City’s coronavirus cases in mid-March.

The state’s weekly average of new daily cases rose 42% over two weeks. Together with New Jersey, it has one of the highest per-capita case rates in the US.

Large gatherings and a lack of masks lead to more transmission

Many states experiencing surges have also loosened coronavirus-related restrictions on masks and gathering sizes in the last month, contrary to recommendations from the CDC.

“Consistently, three times a week for 10 weeks, Dr. Walensky has said, ‘Wear a mask, avoid crowds, socially distance, and don’t travel unless it’s absolutely essential,'” Andy Slavitt, an administrator on Biden’s COVID-19 advisory team, said during the Wednesday briefing. “We repeat that in all our conversations with governors. We repeat that in all our conversations with local officials.”

However, Florida, along with 17 other states, no longer have mask mandates. Texas Gov. Greg Abbott lifted the state’s mask mandate on March 10, and also eliminated capacity restrictions for all Texas businesses, including restaurants and bars.

Texas’s weekly average of new daily cases has remained above 3,200 for the last six months.

New Jersey, another new hot spot, has seen its average number of new daily cases increase by more than 50% since March 1.

New Jersey Gov. Phil Murphy allowed restaurants and businesses, including gyms and salons, to increase their capacity to 50% starting March 19. Murphy also said earlier this month that indoor events can include up to 150 people.

New York Gov. Andrew Cuomo, meanwhile, recently announced that arts and entertainment venues can reopen starting April 2, holding up to 100 people indoors and 200 people outdoors. He eased restrictions on weddings, sporting events, and concerts earlier this month.

Pennsylvania, too, is seeing a surge that coincides with its recent reopening.

The state will allow restaurants to increase indoor seating capacity to 75% starting this Sunday. Since March 1, Pennsylvania guidelines have allowed indoor concert venues and arenas to operate at 15% capacity.

The state recorded roughly 28,300 new cases in the week ending March 30: a 33% increase from the week prior.

Read the original article on Business Insider

These 8 charts show the glaring gap between men’s and women’s salaries in the US

town hall on gender and pay equity in Minneapolis
US Rep. Ilhan Omar poses for a photo with fellow panelists at a town hall meeting on gender pay gap and equity on April 24, 2019, in Minneapolis, Minnesota.

  • March 24 is Equal Pay Day, which reflects how many extra days women had to work to make as much as men did in 2020.
  • The gender wage gap persists, and women make 82 cents for every dollar a man makes.
  • These charts show the gap in pay varies widely based on location, race, and several other factors.
  • See more stories on Insider’s business page.
Men have earned more than women since 1979, the first year with available data.

Equal Pay Day reflects how many extra days women have to work to earn what men did in the previous year. This year’s Equal Pay Day falls on March 24. The Census Bureau wrote in a recent post that this is “earlier than it’s ever been since its inception in 1996,” suggesting a modest shrinking of the gender pay gap. 

Over half a century after the US passed the Equal Pay Act, American women still face a substantial gender wage gap across the spectrum. The Institute for Women’s Policy Research estimates that equal pay will not be reached until 2059.

Based on weekly earnings data from the Bureau of Labor Statistics, the gap has narrowed over time.

In the first quarter of 1979, median weekly earnings for men age 16 and over working full time was $408, compared to $251 for women. That is, women’s weekly earnings were 61.5% of men’s weekly earnings. There has been some progress over the years, and in the third quarter of 2020 women’s weekly earnings were 81.7% of men’s weekly earnings.

Overall, women who were full-time, year-round employees made 82.3 cents for every dollar men made in 2019, based on median earning data from the Census Current Population Survey. That means women are paid 17.7% less than men, earning $10,157 less than men.

The gender wage gap varies widely by state.

According to American Community Survey data from the US Census Bureau, the gender pay gap in the United States in 2019 was around 19%. This means that a woman who is at least 16 years old, working a full-time, year-round job, and who is part of the civilian employed population makes 81% as much as her male counterpart earns.

The pay gap varies, however, by state.

In Wyoming, for instance, the gender pay gap is 36.6%, the biggest wage gap in the nation based on those who are part of the “full-time, year-round civilian employed population 16 years and over with earnings” population. That is, median earnings of women who in this state make 63.4% of what men earn. In 33 states, the gender pay gap is larger than the national average.

Most states have implemented laws against gender discrimination, and the 1964 Civil Rights Act protects women at the federal level, yet disparities persist.

Vermont had the smallest pay gap in 2019 at 9%, with full-time, year-round women who are at least 16 and part of the civilian employed population making a median salary of $46,641, while men made $51,241.

Major cities show an even bigger discrepancy.

Around the US, salaries in large cities show an even greater range of pay discrepancy between men and women.

The American Association of University Women, a nonprofit that advocates for gender equality, examined how much women earn compared to men in 25 major metro areas using 2019 US Census data from the American Community Survey.

Out of the 25 cities, the narrowest gender wage gap overall is in Los Angeles, where women make approximately 90.6% of the median earnings for men, a pay gap of 9.4%. Detroit had the widest wage gap: Women’s median earnings of $44,486 in this city is 73.8% of men’s earnings of $60,278. That translates to a pay gap of 26.2%.

Overall, Black and Hispanic women face the biggest pay gap when comparing earnings to non-Hispanic white men.

Black and Hispanic women are most affected by the wage gap, especially when compared to non-Hispanic white men, who make up the largest demographic segment of the workforce.

We looked at the wage gap for different racial and ethnic groups using median earnings data for full-time, year-round workers from the US Census Bureau’s 2019 1-year American Community Survey.

Asian women face the smallest wage gap — they earn 91.4% of what non-Hispanic white men earned, resulting in a pay gap of just 8.5%. Non-Hispanic white women earn 78.1% of what non-Hispanic white men do, while Black women earn 61.1%. Hispanic women earn 53%, or a pay gap of 47%.

When compared to Black men, Black women earn 90.7% of what men earn, and Hispanic women make 80.6% of what Hispanic men do.

The larger disparity between non-Hispanic white men’s and women of color’s earnings could be attributed to the fact that “women of color suffer both because of their gender and their race,” according to an April 2016 report released by the Senate Joint Economic Committee’s Democratic Staff.

Another way of looking at that gap for women of different racial and ethnic groups is to consider when “equal pay day” for each group falls.

Number of days women have to work into the next year to earn as much as white men calendar graphic

Equal Pay Days further vary by race and ethnicity, in line with the pay discrepancies between non-Hispanic white men and women of different races and ethnicities.  

The above calendar graphic shows how many days into the next year a woman has to work in order to earn what a non-Hispanic white man would have earned in the previous year, using estimates from the American Association of University Women.

For example, a typical full-time, year-round employed Black female worker starting on January 1, 2020, would have finally earned on August 3, 2021, what a similarly employed non-Hispanic white male worker would have made over the course of 2020 alone. That means Black women have to work around seven extra months to earn the same as non-Hispanic men earned in a single year in 2020.

It takes full-time, year-round employed Asian American or Pacific Islander (AAPI) women the shortest time to make what non-Hispanic white men would have made the year before. It would take a female Asian American or Pacific Islander worker over two extra months in 2021, or until March 9, to earn what a non-Hispanic white man earned the year before.

However, pay gaps for Asian women vary further. Although AAPI women make 85 cents for every dollar non-Hispanic white men make, an analysis from the Center for American Progress finds Burmese woman makes just 52 cents for every dollar the median non-Hispanic white man makes, for instance.

Read more about equal pay day by race here.

Women with children gain no salary boost, while men with children are rewarded.

In 2015, women with children were earning roughly the same as women without children, $727 and $726 respectively. However, working fathers with children earned about $141 more than a men without children. 

That gap has slowly been closing since then, as 2019 data from the Bureau of Labor Statistics show that women with children now make slightly more than women without kids under 18 at home.

Men with children see an earnings boost, and the difference between their weekly take-home pay was typically $189 higher than their counterparts without kids in 2019.

For working women, the difference in earnings between women with and without children is minimal. Working mothers only made $30 compared to other working women in 2019.

While this disparity can be attributed to differences in careers and work hours between men and women who have children and those who do not, a 2016 report released by the Senate Joint Economic Committee Democratic Staff says that there is also a difference in how working mothers and fathers are perceived by management.

According to the report, some employers may view motherhood as a “signal of lower levels of commitment and professional competence.” Working fathers, on the other hand, may be viewed as having “increased work commitment and stability.”

Women’s earnings are lower than men’s over the course of a lifetime.

The gender pay gap exists for workers across a lifetime.

Using Census data from the Minnesota Population Center’s IPUMS program, we found that the median full-time, year-round male worker earns more than his female counterpart at every year of age.

The gap is narrower for younger workers, with the median 25-year-old woman earning about 91.1% of the median 25-year-old man. Meanwhile, the median 50-year-old woman earns just 76.9% of her 50-year-old male counterpart.

Women over the age of 75 are almost twice as likely to live in poverty, according to the Senate report. Many women that age didn’t work when they were younger, so they have fewer sources of retirement income than men their age.

In 1950, about 34% of American women were in the labor force, compared to about 86% of men, according to the Bureau of Labor Statistics. By 1980, the numbers were 52% and 77% respectively — and the numbers have largely plateaued since then.

Before the pandemic, the labor force participation rate for women was around 58% in February 2020 and around 56% in February 2021. The labor force participation rate for men was about 69% in February 2020 and about 67% in February 2021.

The number of women promoted to the highest levels within companies reveals unconscious biases.

Very few women are CEOs of major corporations, or in the C-level suite of executives running corporate America.

Data from a study put together by McKinsey & Co. and Lean In show how men are promoted up, while women fall by the wayside. Based on the latest report, only one in five C-level executives were women. Women of color are furthermore underrepresented at the executive level, making up less than 1 in 30 in the C-suite.

A recent IBM report also finds little change between leadership representation in 2019 and 2021. Based on the survey covering 10 industries from nine different regions, women made up just 10% of C-suite and 8% of executive board positions in 2019 and 2021.

The latest McKinsey report suggested that more women are working in senior positions, but it is still hard for women to move up from entry-level jobs into higher roles. “For every 100 men promoted to manager, only 85 women were promoted,” the report said, which affects the number of women being promoted to higher positions in the corporate pipeline.

However, women consistently ask for promotions and raises more. One of the reasons for the disparity between women asking for promotions and actually getting them was because when women negotiate, people like them less for it, according to a previous McKinsey study, covered by Insider, found.

Harvard Business Review found in its research that women ask for raises just as much as men, but men are more “successful” with their requests, with a success rate of 15% for women and 20% for men.

Read the original article on Business Insider

Gen Z is paying double what boomers paid for college – and the gap will only widen in the future

college students
Gen Z is staring down a pricey college experience.

  • College costs are more than double what they were in the 1970s, according to a GoBankingRates report.
  • Boomers paid $39,780 in today’s dollars for a four-year public university. Gen Z is paying $90,875.
  • It’s a bad sign for Gen Z, as college costs are expected to continue to climb.
  • See more stories on Insider’s business page.

While US politicians continue to debate student-loan forgiveness, college tuition continues to soar.

Overall college costs are twice what they were in the 1970s, according to a recent GoBankingRates report that assessed generational differences among college expenses. It signals a rough road ahead for Gen Z, the first of whom just began to graduate college in 2019.

The report looked at the College Board’s estimates for average annual costs of tuition, fees, and room and board. It assumed that students attended a four-year institution between ages 18 and 22 for baby boomers, Gen X, millennials, and Gen Z, adjusting estimates for inflation.

The chart below shows just how much college costs have climbed.

From fall 1973 to spring 1977, boomers paid around $39,780 in today’s dollars for four years of public college. That’s a little more than half the cost for millennials attending public college from fall 2006 to spring 2010: $70,000. And what Gen Z is paying today is more than double that: $90,875.

The numbers are even starker for private tuition, which cost around $80,000 in inflation-adjusted dollars for boomers, compared to $165,000 for millennials and a whopping $210,000 for Gen Z.

Gen X experienced the beginning of this uphill battle, as tuition costs rose at a compounded annual growth rate of more than 7% a year from fall 1973 through the fall 1990 in real dollars. From fall 1990 to spring 1994, they would have paid $43,857 at a four-year public university and $115,000 for a private college, adjusted for inflation.

College has become so expensive, some question its value

College is expensive for many reasons, including an increase in financial aid, a lack of state funding, a need for more faculty members and money to pay them, and ballooning student services.

A surge in demand is also driving the price hike, Richard Vedder, an author and distinguished professor emeritus of economics at Ohio University, previously told Insider: “The rewards for college have expanded and grown from 1985 to a little after 2000 and sort of leveled off in the past decade.”

The “advantage of a degree today is less than it was 10 years ago, because of the rising cost,” he added. “The return on investment has fallen.”

Just ask the 49% of indebted millennials still paying off their student loans who said in an Insider and Morning Consult survey that college wasn’t worth the cost.

The pandemic scrambled this equation somewhat, with remote learning leading some to question the value proposition. Insider’s Bradley Saacks and Shana Lebowitz reported in summer 2020 that at least some colleges faced the prospect of students not returning for the upcoming school year, with potentially huge hits to revenue.

Harvard projected last spring that it would lose out on hundreds of millions of dollars during the current school year due to fewer students and no room-and-board revenue. NYU professor Scott Galloway said at a December Insider event that academia is ripe for disruption and likened Harvard to a “$50,000 streaming platform.” But even Galloway said tuition costs haven’t started coming down yet, and don’t seem likely to.

The overall increase in students attending college now compared with previous years indicates that the advantages college offers still outweigh its increasing costs for many, which will fuel costs further. And getting a degree has become increasingly important, according to Joel Anderson, author of the report.

As he wrote of Gen Z, “Not only will they need more money – comparably – than any previous generation, but the shift toward a service economy also means that a career without that pricey education is harder than ever.”

Read the original article on Business Insider

7 charts that show the glaring gap between men’s and women’s salaries in the US

town hall on gender and pay equity in Minneapolis
US Rep. Ilhan Omar poses for a photo with fellow panelists at a town hall meeting on gender pay gap and equity on April 24, 2019, in Minneapolis, Minnesota.

  • Not only is March Women’s History Month, but March 24 is Equal Pay Day for women.
  • Even though a lot of progress has been made, the gender wage gap persists.
  • That gap in pay varies widely based on location, race, and several other factors.
  • See more stories on Insider’s business page.

March is not only Women’s History Month, where all the hard work and achievements of women are recognized, but March 24 marks this year’s Women’s Equal Pay Day.

The date refers to how many days into 2021 women had to work to make as much as men did in just 2020. Equal Pay Days further vary by race and ethnicity, in line with the pay discrepancies between non-Hispanic white men and women of different races and ethnicities.

And while women have gained important political power and some gains in the corporate pipeline, there is still work to be done to reach equality, especially when it comes to financial power.

Over half a century after the US passed the Equal Pay Act, American women still face a substantial gender wage gap across the spectrum. The Institute for Women’s Policy Research estimates that equal pay will not be reached until 2059.

Overall, women who were full-time, year-round employees made 82.3 cents for every dollar men made in 2019, based on median earning data from the Census Current Population Survey. That means women are paid 17.7% less than men, earning $10,157 less than men.

The seven charts below illustrate the significant pay discrepancies between men and women based on race, age, geographical location, and more.

The gender wage gap varies widely by state.

According to American Community Survey data from the US Census Bureau, the gender pay gap in the United States in 2019 was around 19%. This means that a woman who is at least 16 years old, working a full-time, year-round job, and who is part of the civilian employed population makes 81% as much as her male counterpart earns.

The pay gap varies, however, by state.

In Wyoming, for instance, the gender pay gap is 36.6%, the biggest wage gap in the nation based on those who are part of the “full-time, year-round civilian employed population 16 years and over with earnings” population. That is, median earnings of women who in this state make 63.4% of what men earn. In 33 states, the gender pay gap is larger than the national average.

Most states have implemented laws against gender discrimination, and the 1964 Civil Rights Act protects women at the federal level, yet disparities persist.

Vermont had the smallest pay gap in 2019 at 9%, with full-time, year-round women who are at least 16 and part of the civilian employed population making a median salary of $46,641, while men made $51,241.

Major cities show an even bigger discrepancy.

Around the US, salaries in large cities show an even greater range of pay discrepancy between men and women.

The American Association of University Women, a nonprofit that advocates for gender equality, examined how much women earn compared to men in 25 major metro areas using 2019 US Census data from the American Community Survey.

Out of the 25 cities, the narrowest gender wage gap overall is in Los Angeles, where women make approximately 90.6% of the median earnings for men, a pay gap of 9.4%. Detroit had the widest wage gap: Women’s median earnings of $44,486 in this city is 73.8% of men’s earnings of $60,278. That translates to a pay gap of 26.2%.

Overall, Black and Hispanic women face the biggest pay gap when comparing earnings to non-Hispanic white men.

Black and Hispanic women are most affected by the wage gap, especially when compared to non-Hispanic white men, who make up the largest demographic segment of the workforce.

We looked at the wage gap for different racial and ethnic groups using median earnings data for full-time, year-round workers from the US Census Bureau’s 2019 1-year American Community Survey.

Asian women face the smallest wage gap — they earn 91.4% of what non-Hispanic white men earned, resulting in a pay gap of just 8.5%. Non-Hispanic white women earn 78.1% of what non-Hispanic white men do, while Black women earn 61.1%. Hispanic women earn 53%, or a pay gap of 47%.

When compared to Black men, Black women earn 90.7% of what men earn, and Hispanic women make 80.6% of what Hispanic men do.

The larger disparity between non-Hispanic white men’s and women of color’s earnings could be attributed to the fact that “women of color suffer both because of their gender and their race,” according to an April 2016 report released by the Senate Joint Economic Committee’s Democratic Staff.

Another way of looking at that gap for women of different racial and ethnic groups is to consider when “equal pay day” for each group falls.

Number of days women have to work into the next year to earn as much as white men calendar graphic

The above calendar graphic shows how many days into the next year a woman has to work in order to earn what a non-Hispanic white man would have earned in the previous year, using estimates from the American Association of University Women.

Equal Pay Day for all women falls this year on March 24. This day falls much later in the year for some racial and ethnic groups.

For example, a typical full-time, year-round employed Black female worker starting on January 1, 2020, would have finally earned on August 3, 2021, what a similarly employed non-Hispanic white male worker would have made over the course of 2020 alone. That means Black women have to work around seven extra months to earn the same as non-Hispanic men earned in a single year in 2020.

It takes full-time, year-round employed Asian American or Pacific Islander (AAPI) women the shortest time to make what non-Hispanic white men would have made the year before. It would take a female Asian American or Pacific Islander worker over two extra months in 2021, or until March 9, to earn what a non-Hispanic white man earned the year before.

However, pay gaps for Asian women vary further. Although AAPI women make 85 cents for every dollar non-Hispanic white men make, an analysis from the Center for American Progress finds Burmese woman makes just 52 cents for every dollar the median non-Hispanic white man makes, for instance.

Read more about equal pay day by race here.

Women with children gain no salary boost, while men with children are rewarded.

In 2015, women with children were earning roughly the same as women without children, $727 and $726 respectively. However, working fathers with children earned about $141 more than a men without children. 

That gap has slowly been closing since then, as 2019 data from the Bureau of Labor Statistics show that women with children now make slightly more than women without kids under 18 at home.

Men with children see an earnings boost, and the difference between their weekly take-home pay was typically $189 higher than their counterparts without kids in 2019.

For working women, the difference in earnings between women with and without children is minimal. Working mothers only made $30 compared to other working women in 2019.

While this disparity can be attributed to differences in careers and work hours between men and women who have children and those who do not, a 2016 report released by the Senate Joint Economic Committee Democratic Staff says that there is also a difference in how working mothers and fathers are perceived by management.

According to the report, some employers may view motherhood as a “signal of lower levels of commitment and professional competence.” Working fathers, on the other hand, may be viewed as having “increased work commitment and stability.”

Women’s earnings are lower than men’s over the course of a lifetime.

The gender pay gap exists for workers across a lifetime.

Using Census data from the Minnesota Population Center’s IPUMS program, we found that the median full-time, year-round male worker earns more than his female counterpart at every year of age.

The gap is narrower for younger workers, with the median 25-year-old woman earning about 91.1% of the median 25-year-old man. Meanwhile, the median 50-year-old woman earns just 76.9% of her 50-year-old male counterpart.

Women over the age of 75 are almost twice as likely to live in poverty, according to the Senate report. Many women that age didn’t work when they were younger, so they have fewer sources of retirement income than men their age.

In 1950, about 34% of American women were in the labor force, compared to about 86% of men, according to the Bureau of Labor Statistics. By 1980, the numbers were 52% and 77% respectively — and the numbers have largely plateaued since then.

Before the pandemic, the labor force participation rate for women was around 58% in February 2020 and around 56% in February 2021. The labor force participation rate for men was about 69% in February 2020 and about 67% in February 2021.

The number of women promoted to the highest levels within companies reveals unconscious biases.

Very few women are CEOs of major corporations, or in the C-level suite of executives running corporate America.

Data from a study put together by McKinsey & Co. and Lean In show how men are promoted up, while women fall by the wayside. Based on the latest report, only one in five C-level executives were women. Women of color are furthermore underrepresented at the executive level, making up less than 1 in 30 in the C-suite.

Since 2015, there’s been an increase in the share of women in the C-Suite, while women in lower-level management roles have seen a smaller increase since that year. 

A recent IBM report also finds little change between leadership representation in 2019 and 2021. Based on the survey covering 10 industries from nine different regions, women made up just 10% of C-suite and 8% of executive board positions in 2019 and 2021.

The latest McKinsey report suggested that more women are working in senior positions, but it is still hard for women to move up from entry-level jobs into higher roles. “For every 100 men promoted to manager, only 85 women were promoted,” the report said, which affects the number of women being promoted to higher positions in the corporate pipeline.

However, women consistently ask for promotions and raises more. One of the reasons for the disparity between women asking for promotions and actually getting them was because when women negotiate, people like them less for it, according to a previous McKinsey study, covered by Insider, found.

According to Lean In, women who negotiate are more likely than men who negotiate to receive feedback that they are “intimidating,” “too aggressive,” or “bossy.”

Another poll by American Express and The New York Women’s Foundation found that less than one-third of women were comfortable with calling themselves ambitious. According to psychologists interviewed by Insider, the reasoning behind this is that the word could be seen as aggressive.   

Harvard Business Review found in its research that women ask for raises just as much as men, but men are more “successful” with their requests, with a success rate of 15% for women and 20% for men.

Read the original article on Business Insider

The ‘real’ February unemployment rate is closer to 9% after adding dropouts and misclassifications, analysis shows

Northgate Mall empty hall
  • While the February jobs report showed unemployment dipping to 6.2%, the “real” rate is much higher.
  • Fed Chair Powell and Treasury Secretary Yellen said in early 2021 the real rate is closer to 10%.
  • When accounting for misclassification and dropouts, Insider calculates the true rate at roughly 9.1% after February.
  • Visit the Business section of Insider for more stories.

February labor-market data published by the Bureau of Labor Statistics pegged last month’s unemployment rate at 6.2%. The true state of the economy is likely gloomier.

Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen emphasized before the BLS report that the “real” unemployment rate likely stands closer to 10%. Such an unofficial measurement ropes in workers suspected to have been misclassified as having a job even though they’re actually on a COVID-19-related furlough and people who have stopped looking for work and dropped out of the labor force since last February amid the crisis.

Those populations are left out of the government’s benchmark U-3 unemployment reading – the number that stood at 6.2% after February. By Insider’s calculations, the “real” unemployment rate touted by Powell and Yellen stands at roughly 9.1% for the same period.

Other gauges used by BLS paint a similarly bleak picture. The U-6 rate – which includes Americans marginally attached to the labor force and those employed part-time for economic reasons – held at 11.1% in February, according to the Friday release. The gauge peaked at 22.9% in April 2020 but still has plenty of room to fall before reaching the pre-pandemic reading of 7%.

To be sure, the jobs report wasn’t all bad. By some measures, it was a sign of major improvement. Nonfarm payrolls grew by 379,000, handily exceeding the median economist estimate of 200,000 payrolls. The hospitality and leisure industries accounted for 355,000 of those new jobs, a signal that the sectors hit hardest by the virus and related lockdowns are steadily improving.

The diffusion index – which tracks how many sectors added jobs versus those cutting payrolls – returned to positive territory, signaling job gains are broadening. The labor-force participation rate held steady at 61.4% after declining the month prior.

The data underscores recent commentary from Fed Chair Powell on his economic outlook. There remains “a lot of ground to cover” before the US comes close to reaching the Fed’s maximum-employment goal, the central bank chief said. And while the unemployment rate remains a key indicator, other gauges are critical for judging the overall health of the labor market, he added. 

“Yes, 4% would be a nice unemployment rate, but it would take more than that to get to maximum employment,” Powell said.

Read the original article on Business Insider

US economy adds 379,000 payrolls in February, smashing forecasts as virus cases tumble

Fishing store
  • The US added 379,000 jobs in February, beating the consensus estimate of 200,000 additions.
  • The reading marked a second straight month of labor-market expansion and an increase from January.
  • The unemployment rate dropped to 6.2% from 6.3%, putting it lower than forecasts.
  • Visit the Business section of Insider for more stories.

The US labor-market recovery accelerated in February as daily COVID-19 cases swiftly declined and the pace of vaccinations improved.

Businesses added 379,000 payrolls last month, the Bureau of Labor Statistics announced Friday. Economists surveyed by Bloomberg expected a gain of 200,000 payrolls.

The increase follows a revised 166,000-payroll jump in January. The labor market has now grown for two straight months after contracting in December as virus cases surged.

The US unemployment rate fell to 6.2% from 6.3%, according to the government report. Economists expected the rate to stay steady at 6.3%. The U-6 unemployment rate – which includes workers marginally attached to the labor force and those employed part-time for economic reasons – remained at 11.1%.

The labor-force participation was also unchanged at 61.4%. A falling participation rate can drag the benchmark U-3 unemployment rate lower, but such declines signal deep scarring in the labor market.

The bigger picture

Jobless-claims data and private-payrolls reports offer some detail as to how the labor market fared through February, but the BLS release paints the clearest picture yet as to how the coronavirus pandemic has affected workers and the unemployed.

Roughly 13.3 million Americans cited the pandemic as the main reason their employer stopped operations. That’s down from 14.8 million people in January.

The number of people saying COVID-19 was the primary reason they didn’t seek employment dropped to 4.2 million from 4.7 million.

About 22.7% of Americans said they telecommuted because of the health crisis. That compares with 23.2% in January.

Roughly 2.2 million Americans said their job loss was temporary, down from 2.7 million the month prior. The number of temporary layoffs peaked at 18 million in April, and while the sum has declined significantly, it still sits well above levels seen before the pandemic.

Filling the hole

The Friday reading affirms that while the economy is far from fully recovered, the pace of improvement is picking up, most likely tied to the steady decline in daily new COVID-19 cases. The US reported 54,349 new cases on the last day of February, down from the January peak of 295,121 cases. Hospitalizations and daily virus deaths have similarly tumbled from their early-2021 highs, according to The COVID Tracking Project.

All the while, the country has ramped up the distribution and administration of coronavirus vaccines. The US has administered more than 82.6 million doses, according to Bloomberg data. The average daily pace of vaccinations climbed above 2 million on Wednesday and has held the level. At the current rate, inoculating three-quarters of the US population would take roughly six months, but the Biden administration has a rosier outlook.

The president on Tuesday announced the US would have enough vaccine doses for every adult by the end of May. While distributing the shots will most likely last beyond May, the new timeline marks a two-month improvement to the administration’s previous forecast.

Still, other data tracking the labor market points to a sluggish rebound. Initial jobless claims totaled 745,000 last week, according to Labor Department data published Thursday. That was below the median economist estimate of 750,000 claims but a slight increase from the previous week’s revised sum of 736,000. Weekly claims counts have hovered in the same territory since the fall as lingering economic restrictions hinder stronger job growth.

Continuing claims, which track Americans receiving unemployment benefits, fell to 4.3 million for the week that ended February 20. The reading landed in line with economist projections.

Other corners of the economy are faring much better amid the warmer weather and falling case counts. Retail sales grew 5.3% in January, trouncing the 1% growth estimate from surveyed economists. The strong increase suggests the stimulus passed at the end of 2020 efficiently lifted consumer spending in a matter of weeks.

All signs point to another fiscal boost being approved over the next few days. Senate Democrats voted to advance their $1.9 trillion stimulus plan on Thursday, kicking off a period of debate before a final floor vote. President Joe Biden has said he wants to sign the bill before expanded unemployment benefits lapse March 14. The new package includes $1,400 direct payments, a $400 supplement to federal unemployment insurance, and aid for state and local governments.

The bill isn’t yet a done deal. Sen. Ron Johnson of Wisconsin forced a reading of the entire 628-page bill on Thursday, as Republicans seek to at least drag out its passage into law. Not a single Republican senator voted to advance the bill Thursday.

A process known as “vote-a-rama” will start after the 20 hours of debate and give Republicans the chance to further impede a final vote by introducing potentially hundreds of amendments to the bill.

Read the original article on Business Insider

US weekly jobless claims rise less than forecasted to 745,000 as stimulus nears key vote

unemployment jobless claims
  • US jobless claims totaled 745,000 last week, a slight increase from the prior week’s revised 736,000 total.
  • The reading comes in just below the consensus economist estimate of 750,000 claims.
  • Continuing claims dropped to 4.3 million for the week that ended February 20.
  • Visit the Business section of Insider for more stories.

The number of people filing for unemployment insurance in the US rose less than estimated as Democrats neared a critical vote on President Joe Biden’s stimulus proposal.

New jobless claims reached an unadjusted 745,000 for the week that ended Saturday, according to the Labor Department. The median estimate from economists surveyed by Bloomberg was for 750,000 claims. The reading comes in above the previous week’s revised count of 736,000 claims.

Continuing claims, which track Americans receiving unemployment benefits, declined to 4.3 million for the week that ended February 20, in line with economist expectations.

“We expect the trend to fall sharply over the next few months, provided the new Covid variants don’t trigger a spring wave in cases and, more importantly, hospitalizations,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said. “The jury is still out.”

More than 80 million filings for unemployment benefits have been made since claims first shot higher nearly one year ago. That sum dwarfs the 37 million filings made during the Great Recession. All weekly readings since March still exceed the high of 665,000 from the previous downturn.

 

The claims data comes one day after ADP published its monthly count of private payroll additions. The US private sector added 117,000 jobs in February, according to the Wednesday report. The gains come in well below the 200,000 private payrolls expected by economists, signaling a weaker labor market recovery than hoped.

A more detailed look at how hiring fared last month will emerge when the Bureau of Labor Statistics publishes its monthly nonfarm payrolls data. Economists expect the report to show the US adding 198,000 payrolls in February.

The millions of Americans still jobless could soon receive fresh aid from Washington. House Democrats approved the $1.9 trillion American Rescue Plan Act on Saturday, teeing the stimulus package up for a Senate vote in the coming days. The deal includes $1,400 direct payments, a $400 boost to unemployment benefits, and state and local government aid.

Democrats are still split on some tenets of the package. More moderate members of the party have pushed a smaller, $300-per-week supplement to federal unemployment insurance. Others are debating whether the boost should end in August as established in the package or in September.

Compromises have already been made as a result of this moderate pressure. Biden on Wednesday approved a faster phaseout for stimulus checks that leaves individuals earning more than $80,000 and couples making more than $160,000 without payments.

With the Senate vote looming and Democrats needing all 50 Senate members to back the measure, additional changes could be made to shore up support.

Read the original article on Business Insider

US weekly jobless claims drop more than expected to 730,000 as economic recovery pushes forward

New York Unemployment Strike
  • US jobless claims totaled 730,000 last week, down significantly from the previous week’s revised total of 841,000.
  • The total also comes in below the economist estimate of 825,000 claims.
  • Continuing claims fell to 4.4 million for the week that ended February 13.
  • Visit the Business section of Insider for more stories.

The number of Americans filing for unemployment benefits declined more than expected last week, signaling the labor market recovery is still recovering, albeit at a modest pace.

New jobless claims reached an unadjusted 730,000 for the week that ended Saturday, the Labor Department announced Thursday morning. Economists surveyed by Bloomberg expected the reading to come in at 825,000 claims. Last week’s total is also below the previous period’s revised count of 841,000 claims.

Continuing claims, which track Americans currently receiving unemployment benefits, dropped to 4.4 million for the week that ended February 13. Economists projected continuing claims to decline slightly to 4.5 million.

While down significantly from spring 2020 levels, jobless claims wavered around 800,000 for weeks amid slowed hiring activity. Weekly counts still exceed the 665,000 filings made during the worst week of the financial crisis. And the roughly 80 million claims made since the pandemic hit the US is more than double the 37 million filings seen during the previous downturn.

 

Labor-market indicators haven’t fared as well as some other economic data in recent weeks. Retail sales leaped 5.3% in January, according to Census Bureau data published last week, trouncing the 1% gain expected by economists. The data signals stimulus passed by President Donald Trump late last year efficiently lifted household spending during one of the worst months of the pandemic.

More recently, IHS Markit reported US business activity improved the most in almost six years in a preliminary February reading. The firm’s index of output across the service and manufacturing industries rose 0.1 point to 58.8, marking the strongest rate of growth since March 2015. The bulk of the improvement came from the service sector, while the manufacturing industry continued to expand at a relatively strong pace.

Pandemic data has similarly shown encouraging trends. Daily case counts are less than a third of their early January peak, and hospitalizations have also steadily declined. The US is administering 1.3 million vaccines per day on average and has so far administered 65 million doses, according to Bloomberg data.

The recovery is set to receive a boost from Washington in the coming weeks. House Democrats on Wednesday indicated they’ll hold a floor vote on President Joe Biden’s $1.9 trillion stimulus proposal on Friday. The legislation would then be sent to the Senate, where Democrats aim to pass the bill through budget reconciliation and send it to the president’s desk by March 12.

That timeline would allow for expanded unemployment benefits to continue instead of expiring on March 14. The package also includes $1,400 direct payments, aid for state and local governments, and an increase of the federal minimum wage to $15 an hour.

Read the original article on Business Insider