New York City Shows Slowest Wage and Salary Growth in Five Years

(Bloomberg) -- Wages at private employers in the New York City region grew at the slowest pace last year since 2015, and expanded at the fastest clip in at least a decade in four other metro area.

Wages and salaries at private businesses increased by 1.8% in the NYC area on an unadjusted basis for the 12-month period ended in December 2020, the the U.S. Bureau of Labor Statistics reported Friday. Across the U.S., wages and salaries increased 2.9%. Among the largest 15 metro areas, only Miami saw slower growth, with a 1.5% gain. Minneapolis-St. Paul, matched NYC’s 1.8% increase.

In four metros, wages grew at the fastest pace since the Bureau of Labor Statistics started compiling these records a decade ago. In the Los Angeles area, wages rose by 4.5%, with Seattle following at 4.1%, Washington at 3.9% and Philadelphia at 3.7%.

In Phoenix, wages grew by a rapid 4.2%, but shy of the 4.4% pace seen last summer.

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