Little Rock, Arkansas – Recent data may be discouraging for Arkansans hoping for a pay boost.
With a 5.2% increase in yearly pay over the previous year, Arkansas’ pay growth in July placed it at position 47 nationally, according to data compiled by the ADP Research Institute. According to the data, the median annual wage in the state for those who have held their jobs for more than a year is $46,100.
According to experts, national pay growth is also slowing, with a rate change for July of 6.2%. Since November 2021, the pace of monthly gains overall has increased at the slowest rate, according to the research.
The rate change peaked in September 2022 at 7.8%. In July, the national median salary was $57,600.
In July, according to national data, women did marginally better than males, with a rate change of 6.6% for women and 5.8% for men.
Wyoming experienced the highest rate change in July according to the ADP research, with a 9.1% increase. With a salary of $96,500, the District of Columbia had the highest compensation during that time.
This information comes at a time when employment levels in the nation are reaching all-time highs; according to ADP research, 324,000 new jobs were created in July.
“The economy is doing better than expected and a healthy labor market continues to support household spending. We continue to see a slowdown in pay growth without broad-based job loss,” ADP chief economist Nela Richardson said.
According to the most recent data from the Arkansas Division of Workforce Services, the state’s unemployment rate was 2.6%, which has been a record-low level since March.