The three month moving average of median wage growth in the US was up to levels not seen since the 2008 financial crisis, according to a new report by the Atlanta Federal Reserve.
Between May and November 2021 the three month moving average of median wage growth was up from 3.0% to 4.3%, underlining tight labor markets at the end of the year.
Overall the twelve month moving average in November showed 3.7% wage growth up from 3.5% in July 2021.
Wage growth in the twelve month moving average was strongest in finance and business services at 3.9% and trade and transportation at 3.8%. It was weakest in construction and mining and education and health at 3.4%.
Regionally the strongest wage growth was in New England at 4.1% and weakest in the West South Central and South Atlantic census districts at 3.1%.
A notable outlier is that wages for people between 16 and 24 years of age were by 10.1% compared to 3.8% for people between the ages of 25 and 54.