Based on an industry review published on Wednesday, a significant wage increase in the energy sector have aided in fueling the greatest improvement in U.S. salaries in over five years.
A report from PayScale, a firm that examines data coming from around 10 million U.S. employees, claims that the workforce in the mining, gas and oil exploration industries have had their salary increased by around 4.9% in the last year. This has aided in pushing the U.S. worker's average income 3% higher year-on-year.
After steadily being at or below 1% within the last 12 quarters since the spring of 2009, average salaries have gained considerably in the last six months. There has been a growth in this industry following the transient decline in gas and oil exploration at the beginning of the recession. Drilling corporations headed Northeast and gas prices soared, pretty much tripling in value since 2008.
Gas and oil laborers are not the only ones returning home with a heavier wallet. Actually, each of the work groups that PayScale monitors have seen salary increases in the past year such as I.T. workers averaging a 4.5% increase. The social services workforce had the least increase throughout the last year with their income up a modest 0.4%.
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