US Wage Growth Up Slightly In February To 1.0 Percent Year Over Year

MILL VALLEY, Calif., March 5, 2018 /PRNewswire/ -- According to job and recruiting site Glassdoor, the annual median base pay in the United States grew 1.0 percent year over year (YOY) in February 2018 to $51,975. The Glassdoor Local Pay Reports show pay growth is up from a revised 0.6 percent growth last month. Pay growth peaked more than a year ago in January 2017 at a revised 3.4 percent.

The Glassdoor Local Pay Reports provide a unique monthly view into the country's wage picture with salary estimates for nearly 85 job titles and year-over-year pay growth trends in the United States. The reports include details on 10 major metros: Atlanta, Boston, Chicago, Houston, Los Angeles, New York City, Philadelphia, San Francisco, Seattle and Washington, D.C.¹ 

"While we saw wage growth tick up slightly this month to 1.0 percent, it's still a dramatic plunge from the 3.4 percent peak over a year ago, as pay growth hasn't yet fully recovered from the 2017 summer slump. However, with our robust economy, healthy labor market and bright spots among e-commerce positions, healthcare, and certain roles in technology and finance, we are likely to see wages rise into this year as employers pull out the stops to fill much needed positions," said Dr. Andrew Chamberlain, chief economist of Glassdoor.

Finance Wages Up With Nearing Tax Season
Financial advisor roles are seeing wage gains above the national average in February, up 4.4 percent to $54,906, as financial institutions gear up for the looming tax season. Companies such as Bank of America (currently 6,800 open jobs on Glassdoor), Morgan Stanley (1,900 open jobs), and Edward Jones (1,300 open jobs) among many others are hiring as the April filing deadline nears. Other finance jobs such as bank teller (up 4.1 percent $29,398) and claims adjuster (up 3.0 percent to $51,963) are also experiencing notable pay increases.

Taxes and financial security are top of mind for many. The coming tax season has many people considering how the new tax law will impact their fiscal situation next year. In addition, the Bureau of Labor Statistics predicts the demand for financial advisors will grow 15 percent by 2026, as Baby Boomers retire and want to ensure their monetary decisions set them up to enjoy the next phase of their life, and are likely contributors to this demand, notes Chamberlain.

Traditional Tech Roles See Bump in Pay as Others Fall
Median base pay for internet and tech jobs is $52,209, slightly higher than the U.S. median base pay. Several more traditional tech roles are seeing above average pay growth, including network engineer (up 3.6 percent to $71,103), web developer (up 3.2 percent to $65,013) and web designer (up 2.7 percent to $51,709). Companies with large, technical infrastructures like Apple (6,000 open jobs on Glassdoor), Amazon (15,000 open jobs) and Boeing (1,300 open jobs), among others, are looking to fill network engineer roles.

Not all tech roles are seeing wage gains: pay is falling for other positions within the industry, like UX designer (down 1.0 percent to $75,774) and programmer analyst (down 0.8 percent to $68,774).

"We've continued to see a steady ebb and flow of wage growth for many technology jobs as companies bump up wages to satisfy demand, seeing those same wages flatten or slow later on as their needs are met. In general, tech workers today should be fluent in a diverse range of coding languages and skills relevant to their technical field, and not lean too heavily into a singular tech specialty," Chamberlain said.

Pay Slides for Seasonal Roles, Skilled Workers
The biggest declines in YOY pay growth in February included bartender (down 6.8 percent to $29,969), professor (down 2.9 percent to $87,067), maintenance worker (down 2.4 percent to $39,490) and quality engineer (down 2.0 percent to $70,485).

For a list of jobs with the biggest pay declines, visit the Glassdoor Economic Research blog. 

Fastest Pay Growth in San Francisco and Washington, D.C.; Houston Rebounds After Slow 2017; Chicago Wages Flat
Among the 10 metros tracked, wage growth was fastest in San Francisco (up 3.1 percent to $69,276), and Washington, DC (up 1.9 percent to $59,780). Houston, which saw slow to negative wages in 2017, was up 1.3 percent in February to $55,621. Chicago growth remained flat, 0.0 percent to $56,304.

For more on jobs with the highest and lowest pay, visit the Glassdoor Economic Research blog. 

The full data sets for the Glassdoor Local Pay Reports can be found on the Glassdoor Economic Research site, along with report methodology and Frequently Asked Questions.

To read more trends and insights from Chamberlain on this month's report or his predictions regarding the February Bureau of Labor Statistics (BLS) Employment Situation Report, visit the Glassdoor Economic Research blog.

Any individual can also keep tabs on their personal worth in their local job market through Know Your Worth™ by Glassdoor. Visit Glassdoor or download the Glassdoor Job Search apps for iPhone or Android.

To speak with Dr. Chamberlain regarding the Glassdoor Local Pay Reports or his predictions for this month's jobs report: [email protected].

About Glassdoor

Glassdoor is one of the largest and fastest growing job sites in the world today. Set apart by the tens of millions of reviews and insights provided by employees and candidates, Glassdoor combines all the jobs with this valuable data to make it easy for people to find a job that is uniquely right for them. As a result, Glassdoor helps employers hire truly informed candidates at scale through effective recruiting solutions like job advertising and employer branding products. Launched in 2008, Glassdoor now has reviews and insights for more than 740,000 companies in more than 190 countries. For labor market trends and analysis, visit Glassdoor Economic Research. For company news and career advice and tips, visit the Glassdoor Blog and for employer-related news and insights to help employers hire, visit the Glassdoor for Employers Blog. Visit Glassdoor.com or download our apps on iOS and Android platforms.

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SOURCE Glassdoor

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