In Celebration of Labor Day

labor-dayEvery year, we celebrate a long labor day weekend, and mostly take for granted the remarkable economic engine that employs 125.89 million Americans.

Recently, Forbes magazine tweeted a number of Labor Day statistics that will probably surprise you.

Most Americans work in one of five different sectors:

14% in professional and business services
13.5% in production and manufacturing
13.4% in state or local government
13.2% in healthcare and social assistance
11.0% retail

Most of us work long hours:

Less than 40 hours – 8%
40 hours – 42%
41-49 hours – 11%
50-59 hours – 21%
60+ hours – 18%

Some of the lowest-paid jobs have the slimmest gender pay gap:

Office/administrative support (Men’s average salary: $30,301.  Women’s: $28,462)
Community/social services (Men: $40,502.  Women: $37,561)
Healthcare support (Men: $25,415.  Women: $22,079)

In 2015, 24% of employed people did some or all of their work at home.

What are the highest paying jobs in America?  The MyPlan.com website lists the top 300 jobs in term of average salary, and the top of the list is dominated by medical professionals:

Anesthesiologists: $258,100
Surgeons:  $247,520
Oral surgeons: $233,900
Obstetricians and gynecologists: $222,400
Orthodontists: $221,390

Radiologists, Pathologists, Neurologists, Allergists and Immunologists, Urologists, Preventive Medicine Physicians, Ophthalmologists, Hospitalists, Sports Medicine Physicians, Physical Medicine and Rehab Physicians, Nuclear Medicine Physicians and Dermatologists all finish in a tie for sixth ($197,700), and you have to go all the way down to number 22 on the list, to Chief Executives, before you reach a non-medical professional on the list.

Lawyers come in way down at number 38 ($136,260), Physicists come in at number 50 ($118,500), Economists at number 77 ($109,230), Art Directors at 105 ($101,990), Veterinarians at 112 ($99,000), Automotive Engineers at 171 ($88,190) and video game designers at 190 ($87,310).

Finally, according to the U.S. Census Bureau, there are 5.4 million companies that provide employment for American workers, with an annual payroll totaling $5.6 trillion, or roughly $48,997 per employee.  A surprising 8.9% of these employer firms (481,981) have been in business for fewer than 2 years, and only 3.1% of them (167,917) have existed for more than 16 years.  Most firms (78.5% of the total) employ fewer than ten workers, while 17,982 companies employ 500 or more Americans.

Sources:

http://www.myplan.com/careers/top-ten/highest-paying.php

http://www.census.gov/newsroom/press-releases/2016/cb16-148.html

http://www.statista.com/statistics/192361/unadjusted-monthly-number-of-full-time-employees-in-the-us/

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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