High-pay industries account for most job growth since start of COVID-related recession
In the four years since the start of the pandemic-related recession, industries with above average pay created the most net new jobs, regionally and nationally, according to a new Cleveland Fed report.
High-pay industries account for nearly 76 percent of the five million-plus net new jobs created in the US private sector from February 2020 to February 2024.
The percentage is higher in most states served by the Cleveland Fed: In Pennsylvania and West Viriginia, low-pay industries have yet to recover all the jobs they lost during the COVID recession, so in those states high-pay industries account for all net new jobs created during that period.
The figure was about 85 percent for Ohio and 60 percent for Kentucky.
Read the District Data Brief: The Quality of Jobs Created Since the Start of the COVID-19-Related Recession
Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.
The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
Media contact
Chuck Soder, chuck.soder@clev.frb.org, 216.672.2798
- Share