Cities With the Fastest Growing Wages
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Slow wage growth and increasing wage inequality have characterized the U.S. labor market for the past several decades. The COVID-19 pandemic has disproportionately impacted lower-wage workers, only serving to exacerbate these problems. Now, a year into the pandemic, millions of workers remain unemployed and many businesses still face restrictions.
Over the past five years, average annual wages increased by 4.8%, after adjusting for inflation. However, much of the increase in average wages can be attributed to growing wages among the highest earners. According to an analysis of