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Are incomes really stagnant? Are we richer than we think? @pewresearch's @r_fry1 and Beacon Economics' Chris Thornberg discuss now: kp.cc/2MLsduJ
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Richard Fry
@r_fry1
Sr Economist Mostly tweets on labor markets, living arrangements, family and economic well-being. RTs do not=endorsements
Richard Fry’s Tweets
Inside sources are saying this early whistle got OSU in the playoffs. A strip sack TD for a 50 burger could have knocked them out. OSU always gets the calls in Columbus.
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Still the worst no fumble call ever made because they felt bad for OSU
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Three-in-ten mothers say there have been times in the past year when they did not have enough money to buy food. Half of cohabiting mothers and 45% of single mothers did not have enough money. A smaller share of married mothers (21%) said the same. pewrsr.ch/3UCzzjd
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Young workers do job-hop more than older workers. But today's young workers aren't much different than prior waves of young workers to have short job-tenure. Today 40% of young workers have been with their current employer 1 year or less, similar to the '80s and '90s.
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Young workers in managerial, professional and related jobs tend to stay with their current employer longer. And they are a rising share of the young workforce. Today 32% of young workers are managers and
professionals, up from 21% in 1983. pewrsr.ch/3gX5LjA
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About 44% of today's young workers have been with their current employer three years or more. Not much has changed. The average over the past 40 years has been that 43% of 18- to 34-year-old workers
have been on the job at least three years. pewrsr.ch/3gX5LjA
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Monday Nation's Report Card showed the largest test scores declines in math on record in the wake of the pandemic school closures. Parents corroborate it as 6 in 10 K-12 parents say the first year of the pandemic negatively impacted their child's learning.
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Though there are growing numbers of women with a college degree in the labor force, not so for less-educated women. The labor force of women with some college or less education has fallen 4.6% since the second quarter of 2019. pewrsr.ch/3LMg9FD
In 2019Q2 there were about equal numbers of men and women in the college-educated labor force. Now women outnumber men in the college-educated labor force and are a clear majority (50.7%). pewrsr.ch/3LMg9FD
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College-educated women are the only gender and education group whose labor force participation has returned to its prepandemic level. pewrsr.ch/3LMg9FD
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The pandemic did not mess with women's march into the college-educated labor force. Women are now a majority of the labor force with at least a bachelor's degree. pewrsr.ch/3LMg9FD
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Not all college-educated couples fare the same. Those with parents who completed college tend to have higher income and wealth than those who are the first in their family to complete college. pewrsr.ch/3cVGcxm
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First-generation college grads tend to match up with first-generation college grads. That tends to work to their disadvantage because first-generation college graduates on average earn less than college graduates with a college-educated parent. pewrsr.ch/3cVGcxm
College-educated couples whose parents finished college have substantially greater wealth ($569,7000) than college-educated couples who were the first in their family to complete ($236,600). pewrsr.ch/3cVGcxm
How well educated your parents are influences who you marry/partner with. College grads with college-educated parents are more likely to have a college-educated spouse/partner than college grads who are the first in their family to complete. pewrsr.ch/3cVGcxm
College does not seem to be the great equalizer. College-educated couples whose parents also finished college have higher incomes than couples who are the first in their family to complete. pewrsr.ch/3cVGcxm
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In 2021, males outnumbered females in 86 countries. That figure is expected to decline to 67 countries by 2050 as an increasing number of majority-female populations emerge. pewrsr.ch/3TvDejn
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The growth in multigenerational living among young adults is being driven by those who have not completed at least a bachelor's degree. pewrsr.ch/3yV0NJ5
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About 40% of young adults in multigenerational households live with a single parent. Less-educated
young adults in multigenerational households are more likely to live with a single parent than those with at least a bachelor's degree. pewrsr.ch/3yV0NJ5
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One quarter of U.S. 25- to 34-year-olds live in a multigenerational household, up from 9% in 1971. pewrsr.ch/3yV0NJ5
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Young adults age 25 to 34 are the nation's fastest growing age group living in multigenerational households. pewrsr.ch/3yV0NJ5
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Among all workers age 16+, Dover DE, Bangor ME, and Muncie IN have experienced the greatest narrowing in the gender pay gap since 2000.
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Nationally the gender pay gap among workers ages 16+ narrowed from 75% in 2000 to 82% in 2019. In 2019 women earned more, relative to men, than they did in 2000 in 213 metros. In 8 metros, women earned less, relative to men, than they did in 2000; in 2 metros there was no change
Women earn 82% of the typical man nationally based on full-time, year-round workers. But the gender pay gap varies by age and metro area.
See the estimated pay gap in your metropolitan area with our pay gap interactive.
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Adults age 65 and older and Black adults have seen some of the largest gains in economic status over the past 50 years pewrsr.ch/3OqlWSd
After adjusting for inflation and household size, the typical income of middle class households has increased 50% since 1970 pewrsr.ch/3OqlWSd
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Nationally, young women earn 93 cents on the dollar compared to young men. The pay gap varies by metro area. In 18 metro areas young women earn less than 80 cents on the dollar compared to young men. pewrsr.ch/3qGHyzH
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The typical women under the age of 30 earns either the same or more than the typical young man in 22 metro areas, up from 6 metros in 2000. pewrsr.ch/3qGHyzH
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About 16% of young women workers live in the 22 metros where young women workers earn at least as much as young men. pewrsr.ch/3qGHyzH
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Women under the age of 30 earn about 93 cents on the dollar compared with similarly aged men. In 2000 the young gender wage gap was 88 cents on the dollar.
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New York, LA, and Washington DC are among the metros where young women earn the same or more than young men. pewrsr.ch/3qGHyzH
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60 million Americans live in a multigenerational family household. Two thirds of adults in them say financial issues are a reason for why they live in a multigenerational home. pewrsr.ch/3upg02X
Four-in-ten U.S. births are to unmarried women. Nearly half of adults say single women raising children on their own is generally bad for society. pewrsr.ch/37cjPjQ
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More than 6-in-10 adults age 50 and older think it is harder for today young adults to buy a home, pay for college, or save for the future in comparison to their parents' generation. pewrsr.ch/3BYy5Iv
The spike in retirements during the pandemic is significant because it pauses or halts the increasing labor force participation trend of older Americans. From 2000 to the pandemic older adults were the only age group with rising labor force participation. pewrsr.ch/3BL5DIj
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The COVID-19 recession and gradual recovery has been accompanied by a marked increase in retirement. Temporary or permanent? BLS projects temporary. They project 40% of 65-to 69-year-olds will be in the labor force in 2030, up from 33% in 2020.
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During the Great Recession the retirement rate among older adults declined. The COVID-19 recession and recovery is different. The retirement rate of older adults has increased over the past two years. pewrsr.ch/3BL5DIj
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Slightly more than half of older adults are now retired, up from 48% two years ago. Might not seem like much but that equates to millions of new older retirees and exits from the labor force. pewrsr.ch/3BL5DIj
