January 5, 2000 (The Editor’s Desk is updated each business day.)
Pay increase largest in finance again
Workers in finance, insurance, and real estate
earned 8.3 percent more on average in 1998 than in 1997, the largest gain
of any industry. This industry was the leader in pay gains for the fourth
consecutive year.
[Chart data—TXT]
Two other major industries managed above-average growth in pay:
wholesale trade, which saw an increase of 5.9 percent, and retail trade, which
saw an increase of 5.8 percent. Industries with below-average pay gains were
services (5.4 percent), manufacturing (4.5 percent) and transportation,
communications, and utilities (4.4 percent). Overall, average annual pay
rose by 5.5 percent in the private sector from 1997 to 1998.
Among the industries shown in the chart, average annual pay was highest
in 1998 in finance, insurance, and real estate: $48,597. Pay was lowest in
retail trade ($16,794), an industry with a large proportion of part-time
workers. Average pay in the entire private sector was $31,722 in 1998.
The BLS Quarterly Census of Employment and Wages program
produced these data. Pay data presented here are for workers covered by
State and Federal unemployment insurance programs. Find more information
on pay in 1998 in "Average
Annual Pay By State and Industry, 1998," news release USDL
99-357.
Of interest
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