Despite the fact that earlier this year, workers saw wage growth of 5% or more, they are now seeing only 4.6% growth
According to the ADP Research Institute, the US workers’ wages grew 3.2% over the last year, boosting the average wage level by $0.88 to $28.93 per hour.
The study reveals that wage growth had been tightly clustered between 3.5% and 4.5%, depending on the industry. For instance, resources and mining keep on being the weakest performers, with wages falling year-over-year. Education and health services also experienced low wage growth at 1.8%t, less than half the rate from one year. Nevertheless, wage growth in education and health services remains above 4%.
Workers in the Midwest outpaced other regions with 3.9% wage growth, despite the fact the hourly wage rate was the lowest at $27. The region experienced the lowest employment growth at 0.8% as well. Job switchers fared best in the West experiencing a wage growth of 6.7%, whereas job entrants in the Northeast demonstrated wage growth of 6.2%.