Pay Growth for U.S. Workers Continues to Slow

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.

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Source: Fool.com