2008 local pay gains beat inflation
Philadelphia-area workers received raises last year that put them ahead of the local inflation rate, according to figures released today by the U.S. Bureau of Labor Statistics.
Philadelphia-area workers received raises last year that put them ahead of the local inflation rate, according to figures released today by the U.S. Bureau of Labor Statistics.
Total compensation - wages and benefits - increased 4.0 percent for workers in private industry, while consumer prices in the area dropped by 0.4 percent.
Philadelphia and Boston, which also had a 4.0 percent rise, had the highest compensation increases last year among the 14 major metropolitan areas on which BLS broke out figures. Nationwide, total compensation rose 2.4 percent.
In private industry in the Philadelphia area, wages and salaries - which make up the biggest component of total compensation - were up 4.1 percent for the year. Nationally, wages and salaries gained 2.6 percent.
The local area consists of Southeastern Pennsylvania, Southern New Jersey, New Castle County in Delaware, and Cecil County in Maryland.