Wages and Salaries Increase Across the US
For the second year in a row, wages and salaries increased across the US, with the 2022 year closing out with a 5.1% increase, according to the U.S. Bureau of Labor Statistics.
The 5.1% increase in 2022 was a little more than a half percent increase, .06%, from the previous year's increase. The total compensation for employees, wages and salaries combined with benefits, also increased in 2022 compared to the previous year.
The compensation costs for civilian workers saw an uptick in the month of December, 4%, helping to boost the twelve-month data. The total compensation costs for private sector workers also increased by 5.1% in 2022, which was a .07% bump from the previous year.
Those working in private sector service occupation jobs saw the biggest jump in compensation throughout 2022, a 6.9% increase from the previous year, the report states.