Inflation is surging at a historic pace in the United States. Goods and services are 8.3% more expensive, on average, than they were at this time last year. In most of the country, rising prices are outpacing wage gains, resulting in declining purchasing power for millions of Americans.
There are parts of the country, however, where workers are seeing their wages grow far faster than average. Using data from the Bureau of Labor Statistics, 24/7 Wall St. identified the counties with the largest wage gains in America.
Nationwide, the average weekly wage climbed by 5.9% between the end of 2020 and the end of 2021. In dozens of counties, comparable wage growth has topped 7.5%, including Palm Beach County, Florida, where average weekly wages have climbed 15.6% in the last year – the highest in the country.
Rapidly rising wages in these areas are partially the result of broader market forces. attributable to employers fighting to attract new talent, and also to hold on to their workforce. In a recent interview with Bloomberg, Will Dudley, former president of the New York Federal Reserve Bank, said the U.S. labor market is the tightest it has ever been. Under these conditions, employers are raising wages to attract talent and fill open positions, as workers are quitting at historic rates, often in search of higher wages. Here is a look at the states where quits are on the rise.
Of course – along with supply chain disruptions and rising energy prices – rising wages are also driving up inflation. When companies pay their workers more, production costs rise, and higher production costs often mean that price hikes are necessary to maintain profitability. Here is a look at the country with the highest inflation in the world.
Among the 50 counties on this list, average weekly wages have climbed anywhere from 7.7% to 15.6% over the last year. Most of the counties with the largest wage gains are in the South, including 13 in Florida alone.
Click here to see the counties with the highest wage growth in America
Click here to read our detailed methodology
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