In the four years since the onset of the pandemic-related recession, industries with above-average pay have generated the majority of net new jobs both regionally and nationally, according to a recent report by the Federal Reserve Bank of Cleveland. The report highlights that high-pay industries accounted for nearly 76 percent of the over five million net new jobs created in the U.S. private sector from February 2020 to February 2024.
The impact is more pronounced in states served by the Cleveland Fed. In Pennsylvania and West Virginia, low-pay industries have yet to recover all jobs lost during the COVID-19 recession, resulting in high-pay industries being responsible for all net new job creation during this period. Ohio saw about 85 percent of its new jobs coming from high-pay sectors, while Kentucky experienced around 60 percent.
The Cleveland Fed’s District Data Brief titled “The Quality of Jobs Created Since the Start of the COVID-19-Related Recession” provides detailed insights into these trends.
The Federal Reserve Bank of Cleveland is one of twelve regional Reserve Banks forming part of the Federal Reserve System along with the Board of Governors in Washington D.C. It participates in national monetary policy formulation, supervises banking organizations, provides payment services to financial institutions and the U.S. Treasury, and engages in various activities supporting Federal Reserve operations nationwide. The bank also promotes community well-being across its district through research, outreach, and educational initiatives.
Serving Ohio, western Pennsylvania, eastern Kentucky, and northern West Virginia, the Cleveland Fed operates branches in Cincinnati and Pittsburgh.
For further information:
Chuck Soder
chuck.soder@clev.frb.org
216.672.2798
