May 3, 2017

Facebook interns out-earn the average American

Long gone are the days of unpaid internships, at least at these 25 companies who are paying interns more than what the average American earns. Tech and finance interns in particular — including at Google, Bloomberg, BlackRock, and Facebook — earn more per month than the average American, according to data released by Glassdoor Tuesday.

Data: Glassdoor; Chart: Andrew Witherspoon / Axios

The stats: Facebook interns take 1st place as the highest-paid interns in the U.S. They make on average $8,000 per month, which equates to $96,000 per year. Microsoft interns come in a close second, making an average of $7,100 per month. Meanwhile, the average full-time working American makes $51,350 a year, or $4,279 per month, before taxes.

Why this matters: The data highlights the growing income inequality among Americans across different job sectors. As CNBC points out, a paper published by the National Bureau of Economic Research in December reveals that the average income of Americans in the bottom half of the income spectrum has remained stagnant at $16,000 since 1980. Meanwhile, the average income of the top one-percent of American adults has risen from $420,000 to $1.3 million from 1980 to 2014.

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Unemployment fell to 50-year low in 2019 but wages stagnated

Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

Friday's jobs report missed expectations, but still delivered solid numbers, showing the U.S. economy added well over 100,000 jobs and the unemployment rate remained near a 50-year low.

The big picture: BLS reported that the number of people who were employed part time but would rather be full-time employees declined by 507,000 over the year.

Growing divide between the two Americas

Illustration: Aïda Amer/Axios

Life in the U.S. is increasingly divided into two realities — one in which things have almost never been better and another in which it's hard to imagine them being worse.

Driving the news: Bankruptcies led more companies to announce job cuts last year than at any time in more than a decade, WSJ's Aisha Al-Muslim reports (subscription), citing data from outplacement firm Challenger, Gray and Christmas.

Go deeperArrowJan 3, 2020

U.S. economy adds 145,000 jobs in final report of 2019

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 145,000 jobs in December, the government said on Friday, below economists’ expectations of 160,000. The unemployment rate held at 3.5% — a 50-year low — while wages grew 2.9% from a year earlier, the smallest gain since July 2018.

Why it matters: The U.S. job market held up in the final month of 2019, but heads into the election year with a slowing pace of job creation and wage growth.

Go deeperArrowJan 10, 2020