October 27, 1998 (The Editor’s Desk is updated each business day.)

Securities and commodities brokers lead industries earning high wages

Thirty-nine percent of security and commodities brokers earned above $24.25 per hour (roughly $50,000 per year) in 1996. This industry had the highest proportion of employees in that wage category. About 22 percent of security and commodities brokers earned over $43.25 per hour (roughly $89,000 per year), and close to 14 percent of them were over $60.00 per hour (roughly $124,000 on an annual basis). The security and commodities brokers industry includes establishments engaged in the underwriting, purchase, sale, or brokerage of securities and other financial contracts.

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During 1996, 31 percent of employees in the tobacco products industry earned above $24.25 per hour, including five-percent who earned above $43.25 per hour. Unlike security and commodity brokers though, the tobacco products industry had a somewhat larger proportion of workers (20 percent) who earned below $8.50 an hour (about $17,000).

Other industries with high proportions of employees earning above $24.25 per hour in 1996 included holding and other investment offices (28 percent); and engineering and management services, and legal services (each at 27 percent).

Approximate annual earnings are derived by taking the hourly wage reported and multiplying that wage by 2,080 hours—the total number of hours in a year based upon 52 work weeks at 40 hours per week.

These data are a product of the BLS Occupational Employment Statistics program. Additional information may be obtained from Occupational Employment and Wages, Bulletin 2506, August 1998.