Wage Report Released by Garner Economics
07 Feb, 2013
During the last two years there has been a wide disparity in wage growth among U.S. metros. For example, metros experiencing double digit increases to others realizing losses every month.
In the February issue of “Progress Report,” published by Garner Economics LLC, Tom Tveidt, research economist, outlines wage growth and trends over the last two years among the nation’s 372 metro areas.
According the U.S. Bureau of Labor Statistics, nationally wages1 over the last two years have increased by a paltry 4.7 percent, from $22.79 per hour in 2010 to $23.87 at the end of 2012. However, when inflation is considered, which is up 4.8 percent over the same period, wage growth looks flat, if not even a hair negative.
National trends make for good headlines and broad simple generalizations of the economy, but in truth. they are only aggregations of the activities happening within many unique local economies. The nation’s 372 metropolitan areas represent the real economic dynamism underlying the headline trends, and rarely do they fall in lockstep.
1. Garner uses hourly earnings of private industry wage and salary workers from the U.S. Bureau of Labor Statistics’ Current Population Survey and Current Employment Statistics Survey.
Illustration by digitalart at Free Digital Photos.net
Compiled from Garner Economics’ February “Progress Report.”