Bay Area wages rose at a 4.7% annual pace in the first quarter. Southern Californians only got 4.5% raises.
Bay Area pay raises started 2024 above Southern California wage hikes for the first time since the pandemic-scarred summer of 2020.My trusty spreadsheet looked at the quarterly Employment Cost Index. It tracks changes in private-industry pay nationwide and 15 big job markets, including a seven-county Southern California area and a 10-county Bay Area region.Bay Area wages rose at a 4.7% annual pace in the first quarter , up from 2.8% in the previous three months and tied with 4.
Ponder that despite recent distressing news of significant California technology job cuts, these stats suggest salaries remain firm for many Golden State workers.Bosses got a tad stingy nationwide. The typical US worker got a 4.3% pay hike in the first quarter – the same annual pace as the previous three months but down from 5.1% a year earlier.Note that to start 2024, Miami’s stunning 7.1% hike was No. 1 among the 15 US markets. Meanwhile, 2.8% raises for Phoenix were the lowest.
In this 2015-24 period, Southern California raises averaged 4.2% a year vs. the Bay Area’s 3.4% and 3.4% nationally.
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