National (US) Pay Trends
The BetFiery Index: National (US)
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Highlights Q3 2023
Tampa leads nominal wage growth in Q3, at 0.4 percent Q/Q and 6.4 percent Y/Y. This metro area features a robust maritime industry with the largest port in Florida, and home to many high demand industries.
Historically a high performer for wage growth, San Francisco and San Jose have fallen in the ranks in previous quarters and remain last. San Francisco saw 3.4 percent Y/Y growth and -0.4 percent Q/Q growth. San Jose, 2.6 percent Y/Y and -0.5 percent Q/Q. Wage growth has likely been dampened by layoffs and instability in the tech sector.
Nonprofits rank first in nominal wages by industry in Q3, with 6.5 percent Y/Y and 0.6 percent Q/Q growth. This sector is expected to grow significantly as demand for charity work grows and baby boomers enter retirement and bequeath trillions of dollars.
In last, the Technology industry saw -0.2 percent Q/Q growth and 3.5 percent Y/Y growth in Q3 2023. The Technology sector has had to weather significant layoffs, banking failures, and stock market instability.
Installation, Maintenance, & Repair jobs have taken the top spot in Q3, nominal wages for these jobs grew 7.5 percent Y/Y and 0.9 percent Q/Q. Facing turnover and hiring woes for skilled labor, as well as inflation impacting cost of living, this job group is experiencing particularly high upward wage pressure.
Information Technology jobs remain last in nominal wage growth in Q3, with 3.7 percent Y/Y growth and -0.1 percent Q/Q growth. These jobs have taken the brunt of layoffs and instability in the current economic climate.
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Since 2006, wages have risen 33 percent overall in the U.S. But when you factor in inflation, “real wages” have actually fallen 11.1 percent. In other words, the income for a typical worker today buys them less than it did in 2006. The BetFiery Real Wage Index incorporates the Consumer Price Index (CPI) into The BetFiery Index (which tracks nominal wages) and looks at the buying power of wages for full-time private industry workers in the U.S.
The BetFiery Index: National Real Wage Index (US)
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Methodology for The BetFiery Index: Trends in Compensation
The BetFiery Index tracks quarterly changes in total cash compensation for full-time, private industry employees and education professionals in the United States. In addition to a national index, it includes separate indices for specific industries, metropolitan areas, job categories, and company sizes. The BetFiery Index uses 2006 average total cash compensation as a baseline.