ATLANTA — The amount wages and salaries have grown over the past year in Georgia is close to 6%. Nationally, it’s the same, according to October salary data.
Both in Georgia and across the United States, paychecks have gone up 5.7%, according to a recent analysis by Automatic Data Processing, Inc.
ADP’s National Employment Report showed 113,000 jobs were added to the U.S. private sector as well, showing a “well-rounded” job market.
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For Georgia workers, paychecks increased to a median salary of $54,600, if they’ve been in the same job in the past year.
Nationally, the median salary rose to $57,800, according to ADP.
ADP said the overall job market showed collective growth, with no specific type of business having a real edge on the rest, when it came to pay increases.
“No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” ADP Chief Economist Nela Richardson said. “In all, October’s numbers paint a well-rounded jobs picture. And while the labor market has slowed, it’s still enough to support strong consumer spending.”
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A strong economy and strong job market have combined with an inflation level that remains elevated, according to the Federal Reserve.
While the U.S. Central Bank said the financial system in the U.S. is sound and resilient, tighter conditions for the financial and credit needs of households and businesses could weigh down economic activity, hiring, and inflation.
However, the Federal Open Market Committee said Wednesday that they will not increase interest rates, keeping the federal interest level at between 5.25% and 5.5% as it observes market fluctuations, citing the job market and salary increases.
For Georgia, issues of inflation persist, even with some improvement.
The most recent Consumer Price Index for the Atlanta metro area showed stubborn inflation pressures remain for gasoline prices and the costs of housing and shelter.
The Bureau of Labor Statistics releases a more localized CPI every two months, the most recent Atlanta-focused one was published in September, covering the July and August inflation trends.
In the latest Atlanta report, inflation was a 4.4% rate, while the U.S. overall had a lower inflation level of 3.7%. In the intervening months, the national CPI showed little change. The next Atlanta-specific report is expected in mid-November, according to the BLS release schedule.
While Atlanta CPI is expected in just a couple of weeks, a Wednesday report from BLS said the cost of compensation for workers had gone up 4% in the metro area in September, the most recent month available.
“The annual increase in compensation costs in Atlanta was 4.0% in September 2023, compared to advances that ranged from 5.2% to 3.6% in the four other metropolitan areas in the South (Dallas-Fort Worth, Houston-The Woodlands, Miami, and Washington),” BLS reported. “Atlanta’s 4.6% gain in wages and salaries over this 12-month period compared to rates ranging from 5.5% to 3.8% in the four other southern localities.”
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