Millennials Workforce Majority, Earnings Growth Double National Rate
Millennials are now the workforce majority and their annual hourly earnings growth rate is nearly double the national rate, finds a Paychex report.
According to the report, Millennials make an average of $21.80 an hour and they work slightly fewer weekly hours than the national average at 38.6 hours. Females make up a smaller percentage of the Millennial workforce at nearly 44 percent for full-time employees, as compared to about 56 percent for males.
The report found the gender wage gap is smaller among Millennials than employees of all other generations, but there is still a disparity. Full-time Millennial women workers earn, on average, $20.44 per hour as compared to $23.03 per hour for men.
As for the industry where Millennials are making the most -- employees of both genders in professional and business services earn $26.05 an hour.