Pay Growth for U.S. Workers Continues to Slow
Despite the nation being near full employment, median annual base pay in the United States grew only 1.2% year-over-year in July to $51,120, according to Glassdoor.
That's a drop from 1.5% growth in July and a January peak of 3.1%. It's also the sixth straight month pay growth has come in at a lower rate than the same month a year ago, based on data from Glassdoor's Local Pay Reports. July's 1.2% increase represents the slowest pace of growth in three years.
"While major economic indicators show that the labor market is healthy--unemployment is low at 4.4 percent, 222,000 new jobs were added last month, and there are 5.7 million jobs open in the U.S. today -- the benefits of this strong economy are not being shared widely among workers," said Glassdoor Chief Economist Dr. Andrew Chamberlain in a press release.
Source: Fool.com
