Greater metro compensation jumps, outpacing other metro areas, according to recent data.
What’s in your wallet? According to a new study, there may be more than there was a while ago, at least when it comes to compensation.
Compensation in the greater New York metropolitan area is going up faster than in any other big metropolitan region in the nation, according to recent data.
Total compensation costs for workers in private industry rose 3.9 percent in the greater New York metropolitan area in June, according the U.S. Bureau of Labor Statistics.
The increase is for the region spanning New York-Newark and stretching into New Jersey, Connecticut and Pennsylvania.
Chief Regional Economist Martin Kohli said the rise “ranked first among the 15 largest metropolitan areas in the United States for the second consecutive quarter.”
Compensaton actually fell 0.4 percent in Seattle, while rising 2.7 percent in Boston and 1.4 percent in Philadelphia
Changes in wages and salaries ranged from a 4.3 percent jump in Los Angeles to 1.5 percent in Houston. Wages and salaries, which Kholi said are “the largest component of total compensation, also rose 3.9 percent in the greater New York area.
The rise in New York compensation far outpacing inflation, in case you’re wondering whether costs are keeping pace.
Local consumer prices, as reflected by the Bureau of Labor Statistics’ New York area Consumer Price Index, rose 1.7 percent for the year ending in June.
Compensation nationwide rose 2.6 percent for the year ended in June, while wages increased 3.0 percent.
