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

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.

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

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.

©2021 Bloomberg L.P.

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