Levanon says it is taking longer to find workers for these industries, despite the rise in wages, because these positions are usually filled with workers from lower socioeconomic statuses, who continue to be impacted by pandemic. These jobs require face-to-face interaction and hands-on abilities that pose potential health risks to workers, and many of these workers either will not or cannot return to work due to factors like inaccessibility to child care and continued federal unemployment benefits.ĭiscussion around why workers are not returning to work remains highly contested. But employment in areas like construction, transportation and manufacturing remained low. The June nonfarm payroll report showcased a rise in average hourly wages across all industries, with a 343,000 employment increase in leisure and hospitality jobs, with over half being food service workers. Those wages continue to increase post-pandemic. Shilling says "labor share" - the amount of GDP paid out in wages, salaries, and benefits - which has been in decline for decades is trending higher, while "capital share" - the amount of national income from invested capital - is trending down.įor workers in blue-collar industries such as construction, transportation and manufacturing, and workers in manual service sectors including food service, leisure, hospitality and beauty and health-care services, they've seen the highest jump in wages in recent years. "In general, on the blue collar level, you're probably going to see higher real incomes," Shilling recently told CNBC. Economic forecasters like Gary Shilling have been watching blue-collar and manual service wages trend upwards for the last several years, growing at a faster rate than wages for white-collar jobs and reversing a trend that had been in place throughout the past 30 years, according to data from the U.S.
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