Blue-Collar Hiring and Pay Gains Stay Hot in a Cooling Job Market
As the job market cools off overall in 2021 due to the pandemic, a bright spot remains in blue-collar hiring and wages. A recent Bureau of Labor Statistics jobs report shows that there are still more than one million job openings in transportation and warehousing, manufacturing, and construction, showing that the labor market for these industries is still going strong.
The survey also shows that blue-collar wages are growing faster than white-collar wages. Average weekly earnings for blue-collar workers rose 7.3% from the first quarter of 2020 to the same period this year while the number for white-collar workers only grew by 2.7%.
Industries like construction have benefited from the dramatic increase in demand from the pandemic. With limited options for leisure activities, many people are investing in their homes, thereby creating a boom in the home renovation industry. This is a major factor in the growth of blue-collar jobs and wages as many companies are desperate to hire workers to meet the increased demand.
In addition, the stimulus money provided by the government has accelerated these hiring gains. With the checks they have received, many people are investing in the home renovation industry, providing even more jobs and salary increases for the blue-collar workforce.
This increase in wages and employment is good news for blue-collar workers, who have long been the backbone of the U.S. economy but have had wage stagnation in recent years. It provides more financial security for workers and their families, and could potentially help to reduce inequality between white-collar and blue-collar workers.
However, it is important to note that not all blue-collar workers are faring equally well. Certain industries, such as mining, have seen a decline in jobs due to the decline in demand for raw materials from the pandemic. As such, it is important to recognize these disparities when looking at the overall employment landscape.
Overall, the news is positive for the blue-collar job market. Despite a cooling overall job market, blue-collar hiring and pay are staying hot thanks to increased demand from home renovations. As a result, many blue-collar workers are seeing the financial security and salary increases that they have long sought.