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SEATTLE, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Today, PayScale Inc, the leader in precise, on-demand cloud compensation data and software for businesses and individuals, released theQ3 2019 PayScale Index, which tracks quarterly and annual trends in compensation and provides a U.S. wage forecast for the coming quarter. The most recent Q3 Index revealed nominal wages increased by 0.5 percent quarter over quarter or 2.6 percent year over year and cities with a concentration of technology jobs showed the strongest wage growth.
“Unemployment numbers hit a record low of 3.5 percent in September. This was not surprising with job growth averaging 161,000 new jobs per month for the first nine months of the year,” said Sudarshan Sampath, Director of Research at PayScale. “However, we are now seeing this remarkable job growth begin to slow, as the economy loses some of its spark. We expect wage growth to remain at its steady rate in the coming months as a result.”
These are the key findings from PayScale’s Q3 2019 Index:
Tech cities showed the strongest wage growth:
Transportation jobs posted strong wage growth:
Wages in the Arts, Entertainment and Recreation industry grew considerably:
National wages in Canada continued to grow:
The PayScale Index is a different economic measure than the Employment Cost Index (ECI) reported by the Bureau of Labor Statistics (BLS). While the ECI tracks employment costs within organizations, the PayScale Index tracks workers’ wages across various organizations. This means the PayScale Index will capture changes in employees’ wages when they move to a different company, while the ECI does not. There is value in using both the ECI and the PayScale Index to determine relative wage growth in the U.S. economy.
To view the entire interactive Q3 2019 PayScale index which reflects wage trends across various industries, job categories, company sizes and major metros, including Canada, please visit: https://www.payscale.com/payscale-index For information about the methodology of the PayScale Index, please visit: https://www.payscale.com/payscale-index/compensation-trends-methodology
PayScale offers modern compensation software and the most precise, real-time, data-driven insights for employees and employers alike. More than 8,000 customers, from small businesses to Fortune 500 companies, use PayScale to power pay decisions for more than 23 million employees. These companies include Encana, Patagonia, The New York Times, Sunsweet, T-Mobile, United Health Group, Wendy’s and Perry Ellis. For more information, please visit: www.payscale.com or follow PayScale on Twitter: https://twitter.com/payscale.