These cities have the highest job and wage growth in the US
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Job growth in the United States might have slowed from the blockbuster numbers seen last year, but the labor market is still strong, according to a study published on Tuesday by Glassdoor.
“It’s still fundamentally healthy,” Glassdoor senior economist Daniel Zhao told FOX Business. “It’s still a good time for jobseekers.”
Philadelphia skyline on a clear sunny day with the Schuylkill River in the foreground (iStock)
Some cities, however, are faring better than others: The top three cities for job growth are Boston where growth is up 8.4% year-over-year with 152,83 jobs, Philadelphia where growth is up 6.4% compared to last year, with 112,692 open jobs and Atlanta where growth is up 5.5% with 192,889 jobs.
That’s far above the national job growth rate of 3.5%, with the total open jobs at about 6 million.
In part, workers are flocking to these cities because of the lower cost-of-living, compared to cities like New York or San Francisco, Zhao said. Likewise, companies are shifting production and bringing more opportunities with them when they relocate.
Comparatively, job growth in San Francisco actually fell 0.1%, compared to the year-ago period, with 146,700 jobs.
“I think it’s a sign that companies are pulling back on hiring in the face of extreme cost of living,” he said.
Conversely, San Francisco touted the fastest wage growth in September, up 3% year-over-year with a $73,861 median base pay. Atlanta followed, with wages up 3% at a median base pay of $56,0569. Wages in Los Angeles, meanwhile, were up 2.8%, with a median base pay of $63,526.
“Despite a rocky August with recession chatter near fever pitch, the labor market continues to sustain the economic expansion,” the report said. “Crucially, the Federal Reserve’s decision in September to cut interest rates was in spite of, and not because of, the labor market. Additionally, while the trade war has negatively impacted sectors like manufacturing, consumer spending has been resilient.”