Staffing EPLI: New BLS Stats Could Fuel Change

Staffing EPLI New BLS Stats Could Fuel Change

Staffing EPLI: New BLS Stats Could Fuel Change

New labor reports from the Bureau of Labor Statistics (BLS) indicate that average weekly income is still stagnant for full-time and salaried American workers. While the BLS’s Usual Weekly Earnings of Wage and Salary Workers Fourth Quarter 2014 report was released this week showed some positive signs of improvement, it looks like some 107.4 million American workers are still waiting to feel the financial impacts of the U.S. economic recovery.

According to the report, the average full-time and salaried worker is bringing in a seasonally adjusted average of $796 a week, which is roughly the same as it has been in previous quarters. Furthermore, the latest statistics reflect a vast wage difference between that of full time service professions and those of managerial and professional services. Men and women in the service sector earned $588 and $470 a week respectively, while their management and administrative counterparts saw $1,366 and $999 earnings respectively.

The report also indicates that there is still a significant difference between the weekly earnings of men and women, as well as other demographics. According to the report, women saw an average weekly income of $724 while their male counterparts received $882 over the same period. Furthermore, the women’s-to-men’s earnings ratio varied by race and ethnicity, according to the BLS data.

As always, age also played a large factor in average weekly earnings. Men between the ages of 45 to 64 had the highest median weekly earnings, making an average of between $1,012 and $1,029. Women between the ages of 35 to 64 reported lower but more consistent average weekly earnings of $784 for women age 35 to 44, $774 for women age 45 to 54, and $790 for women age 55 to 64. Younger full-time workers of both genders report the lowest median incomes, of a mere $493 a week.

This could mean a harder push from President Obama, legislators and employees’ rights groups who are seeking higher wages for hourly workers and other employment regulations.

Faced with the prospect of new legislation and a crackdown on employment practices in general, it can be tricky for staffing professionals to navigate the ever changing risk exposures they face. At World Wide Specialty Programs we understand the unique and unpredictable nature of the staffing industry. That’s why we specialize in ensuring that staffing industry members attain the coverage they need to succeed. We proudly offer a comprehensive portfolio of staffing insurance solutions to help brokers secure everything from professional liability coverage to staffing EPLI for their clients. Give our staffing insurance specialists a call today at (877) 256-0468 to learn more about all our staffing agency solutions.

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