We all complain about the rising cost of living of California, and it is a valid beef. The state is not a stranger for the worst fight of inflation in four decades.
Nevertheless, very short time discussing the relatively liberal growth handed over by many owners – with promoting some income coming for workers switching employers.
Yes, all the economic gerination created by the epidemic spin one’s head. Some difficult times arose for shopkeepers, producing relatively good time for some workers.
My trusted spreadsheet found that wages in California exceeded inflation rate after peeping on government jobs and price figures for four years ending in June 2023.
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California’s Statewide Consumer Price Benchmark showed 18% inflation in 2019-23. Meanwhile, the average annual wage of the Golden State rose 23% to $ 84,400 for state -wide 18 million workers.
However, there are more than some “butt” in this equation. The rate of inflation does not flow in the same pattern like salary. Let me explain…
- Geographical interval
- Commercial difference
- Time
- Other Quirks
- Ground level
Geographical interval
Being ahead of the cost of living is a fairly local challenge.
Inflation is not universal in any way, looking at a map. The state price index tracks four regions with a remarkable difference in inflation rates.
Since 2019 prices in the inland empire are 22%, 19% in San Diego, 17% in Los Angeles-Orange County and 15% in San Francisco.
Then we will pay attention to different swings in the state -of -the -house – and in the hiring patterns. Look at the six largest job markets ranked by Pay Hike …
San Diego: Increase 28% $ 78,600 for 1.5 million workers.
San Jose: Increased 27% to $ 170,900 for 1.1 million workers.
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inland Empire: Increased 24% to $ 58,200 for 1.7 million workers.
San Francisco: Increase 23% $ 122,100 for 2.4 million workers.
Los Angeles-Orange County: Increased 20% to $ 76,100 for 6.1 million workers.
Sacramento: Increase 20% $ 72,100 for 1.1 million workers.
Commercial difference
The ability to defeat inflation of a calcifornia also depends on what they do for a living.
For example, people providing services are in heavy demand. Consider the jumping of various California wages, within the important job, rank from the size of increases …
personal services: Increased 27% to $ 52,500 since 2019 for 560,000 workers of the industry.
Production: Increase 26% $ 121,800 for 1.3 million workers.
professional services: It is increased by 25% to $ 115,200 for 2.8 million workers.
Holiday and hospitality: Increase 23% $ 37,400 for 2 million workers.
Financial activities: Increase 23% $ 123,300 for 819,000 workers.
Business, Transport and Utilities: Increase 23% $ 65,600 for 3.1 million workers.
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Information: Increase 21% $ 226,800 for 554,000 workers.
Education and Health Services: Increase 21% $ 63,600 for 3 million workers.
Government: Increase 21% $ 86,600 for 2.6 million workers.
Natural Resources: 451,500 is increased by 17% to $ 45,900 for workers.
Construction: Increased 17% to $ 83,100 for 912,000 workers.
Time
Broadly, most of the wages came in the early days of the hike’s era. The cost of living has been another recent problem.
The typical California worker enjoyed an increase of 20% in 2020-21 vs 5% inflation.
But in 2022-23, increment was 4% statewide vs. 13% inflation.
Other Quirks
Consider some curious increment variations tracked by Atlanta Fed.
Youth win: Workers between the ages of 16 and 24 got 44% salary increase in 2019-23, which was 25 to 54 and 54 for 55-Plus flocks and 20% for 12%.
Cases of size: The biggest increase in the quarter of the lowest wage workers – 24%in four years. Those who were paid received the smallest increase at 15%.
Does not pay loyalty: The increase in wages of job switches increased by 22% from 2019 to 2023. Those who stayed, got only 16%.
Ground level
So a young, low-paid individual service worker from San Diego-he changed jobs-rapidly increased compared to inflation.
Meanwhile, the wages of an old, well-paid construction worker from Sacramento-who were loyal to their bosses-may have failed to maintain with the cost of life.
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It is now a type of California’s cartoonish mashup that pays a pattern of 2019-23 and has relations with inflation. But it is also a snapshot of odd reality.
Which can say California that there is a very diverse group of inflation in their salary.
Jonathan Lensor is a trade columnist for the Southern California News Group. Can be reached on it [email protected]