Chart of the week: Share of jobs in D.C. with median annual wages > $150,000

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Regardless of a 6 p.c decline in employment between 2019 and 2021, whole wages earned within the District of Columbia in that very same time grew by 7 p.c. And, common wages elevated by 14 p.c—quicker than the inflation fee.

What’s inflicting these developments? The pandemic has had a disproportionate impression on service-based industries, whereas office-based industries have, in distinction, been in a position to simply adapt by shifting to distant work. In consequence, many low-wage jobs are being changed by high-wage jobs. Current BLS knowledge verify this pattern, exhibiting the share of jobs in D.C. with a median annual wage higher than $150,000 has elevated from 8.1 p.c in 2019 to 17.1 p.c in 2021.

One other rationalization for this pattern is that all through 2021, there have been traditionally excessive ranges of job openings relative to whole employment. In consequence, the labor market favored job seekers, making it simpler to barter greater salaries or different advantages, significantly as inflation was rising.

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