Those interested in the stability of a fixed salary may want to avoid working in certain job fields.
These industries are notorious for providing income that varies throughout the year. Workers may feast on high wages one month and starve for low wages the next.
In the latest annual Economic Well-Being of US Households report by the Federal Reserve Board of the US – 11,000 adults living in the US were asked about whether their income varies at least occasionally from month to month.
More than a quarter – 28% – say they sometimes experience such a financial journey.
Here are the job fields where workers tend to report that pay sometimes varies, according to the Federal Reserve’s analysis of US family finances. You may want to avoid these job fields if you prefer a steady paycheck.
1. Construction
Respondents who work in this sector say their monthly income varies at least occasionally in 2023: 47%
The construction industry as a whole is very cyclical. The demand for labor increases when the economy is growing and decreases when the economy is slowing down.
Construction work can also be seasonal, meaning workers may earn more in some months than others.
2. Recreation and hospitality
Respondents who work in this sector say their monthly income varies at least occasionally in 2023: 44%
The leisure and hospitality industry – which includes tourism-oriented products and services such as accommodation, food services, event planning, theme parks and travel – is seasonal.
Additionally, general economic conditions can play a large role in how much demand there is for these products and services.
3. Natural resources and mining
Respondents who work in this sector say their monthly income varies at least occasionally in 2023: 42%
According to the federal government, the natural resources and mining economic sector includes both agriculture, forestry, fishing and hunting, as well as mining, quarrying and oil and gas drilling.
Many jobs in this industry have a seasonal component, which may explain why income sometimes fluctuates.
Some industries have variable income
Here are a few other industries where workers say their monthly income fluctuates at least occasionally:
- Transport and utilities: 41%
- Wholesale and retail trade: 38%
- Education and health: 29%
- Public administration: 27%
- Financial services: 26%
- Productivity: 25%
- Knowledge: 23%
- Professional and business service: 22%
- Armed forces: 21%
Source link