Forget about the low unemployment in Sioux Falls, this column hits the nail on the head with what is wrong with the Sioux Falls job market;
Indeed, the Conference of Mayors report laments that jobs gained during the economic recovery pay an average 23 percent less than jobs lost during the so-called Great Recession.
The annual wage was $61,637 in sectors where jobs were lost in the economic downturn, which began in December 2007, while the average wage of new jobs gained through the second quarter of this year was only $47,171. “This wage gap,†said the report, “represents $93 billion in lost wages.â€
So while America is getting back to work after the recession, they are doing it with less in their paychecks. It amazes me when we brag about our low unemployment in Sioux Falls and all the business development going on, but no one dares to talk about wages, which are getting worse. So while the rich are getting even richer after the recession, they are not sharing that good fortune with their employees. As I long suspected during the recession, the business community would use the recession as an excuse to not give raises and even cut pay. Enough of the excuses, it’s time to pony up.