Chief Economist Says Nevada Wages Rising

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From the Department of Employment Training and Rehabilitation:

Carson City, NV —Average weekly wages in Nevada measured $829 in the second quarter of 2013, the highest reading for the three-month period on record.

Nevadans are earning 1.8 percent more than this time last year, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation.

“While trends are positive, weekly wage growth remains below pre-recessionary trends,” Anderson said. “Prior to the recession, wage growth was averaging around 4 percent per year.

In 2009 and 2010, wages declined by 0.5 percent in both years. Growth returned beginning in 2011 and has remained positive ever since. During both 2011 and 2012, wages grew by 1.3 percent.”

For the first six months of 2013, wages stood at $837, up 0.8 percent relative to the same period in 2012. Anderson added, while nominal wages are on the rise, they are struggling to keep up with inflation.

During the first six months of this year, inflation rose at a 1.4 percent clip, which suggests that “real” wages are trending down, reducing the purchasing power of Nevada’s wage-earners.

“Nevertheless, recent wage trends are consistent with other barometers pointing to moderate, but sustained, economic improvement in the Silver State,” Anderson said. “In addition to improved wages, we can look forward to a year of continued job growth and declines in the number of people unemployed.”