U.S. Wage Growth Remained Steady; Job Switching Continues to Slow
Wages for U.S. workers grew 3.4% over the last year, increasing the average wage level by $0.93 to $28.06 an hour annually as of December 2018. ADP Research Institute’s Workforce Vitality Report also revealed that 20.5% of U.S. employees successfully switched firms in the last year.
The growth was driven by strong wage gains in the education and health services industry, representing 19% of the workforce, (4.1% wage growth, $27.05 average hourly wage) and trade, representing 22% of the workforce, (4.4% wage growth, $24.56 average hourly wage).
ADP Research Institute’s Ahu Yildirmaz says, “As the labor market sits at full employment, we continue to see an overall slowdown in job switching across the majority of industries. One industry defying the market trend is finance, which has experienced a steady uptick in job switching. This acceleration is driven primarily by younger workers.”
The Northeast (3.7%, $31.57) and large businesses (4.9%, $29.04) also contributed to the growth. Employees in the resources and mining industry saw their wages decrease (-0.2%, $35.24), and businesses with less than 50 employees experienced the slowest wage growth (2%, $26.06).
Among industries, information continued to lead the way for both wage level and wage growth, which ADP says was expected. In addition to the top overall wage growth number of 5.1%, those who successfully switched positions to the information industry had wage growth of 10.6%. Employment in the information industry jumped by 2.9%.
Workers in the West and Northeast outpaced other regions with 3.7% wage growth, but the West had the highest employment growth at 2.7%. Job switchers also fared best in the West, experiencing a wage growth of 7.7%. Workers in the South had the lowest wage growth at 3%, and Midwest had the worst employment growth at 0.9%.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!