The past year has been marked by rapidly rising wages that have left many businesses unable to keep up, but there are signs the gains are starting to decelerate.
The average employee is earning about $26 more a week in August 2022 than they did a year ago, but significantly elevated inflation is outpacing those gains and putting pressure on workers and companies alike. But even though the pace of earnings growth is easing, average weekly earnings still rose compared to August 2021 in nearly 70% of the 389 metros analyzed by The Playbook, according to BLS data. Additionally, 36.7% of metros recorded wage growth of at least 5%.There was a fair amount of geographic diversity among the leaders for earnings growth.
Virginia Beach-Norfolk-Newport News led the way among the largest 100 metros, while Detroit was the largest metro area to rank in the top 10 for year-over-year growth.Just like with the top performers, there was significant geographic diversity among the metros with year-over-year declines in average weekly earnings.
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