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Employers added only 160,000 jobs in April as job growth has progressively cooled since February, but hourly wages have steadily grown at around 2.5 percent over the past 8 months, significantly faster than inflation (0.9 percent) and productivity (0.6 percent). Since 2011, the share of national income going to employee compensation has grown from 60.9 percent to 62.6 percent, while the share going to corporate profits has dropped from 14.5 percent to 12.1 percent. The higher proportion of national income going to employees means there is now an additional $266 billion a year flowing into Americans' paychecks, or about $2,000 a year per household. In April, five industries accounted for almost 90 percent of the job growth:
Health Care (+44,200);
Professional and Technical Services (+31,100);
Administrative Support Services (+29,000);
Financial Activities (+20,000); and
Bars and Restaurants (+18,200).
Most other industries remained relatively unchanged, with the notable exceptions of mining (-8,000) and government (-11,000). There are over 312,000 jobs waiting to be filled on WeHireAmerica.jobs, the Association's job board.
D. Mark Wilson
President and CEO, American Health Policy Institute
