U.S. weekly wages rise 3.5% in the first quarter

Median weekly earnings of the nation’s 119.2 million full-time wage and salary workers were $1,139 in the first quarter of 2024, up 3.5% compared with the same period in 2023, the U.S. Bureau of Labor Statistics (BLS) reported Tuesday (April 16).

The wage growth was also more than the 3.2% Consumer Price Index increase during the same period.

Following are some key data in the first quarter BLS report.

Women had median weekly earnings of $1,021, or 83.2% of the $1,227 median for men. The women’s-to-men’s earnings ratio varied by race and ethnicity. White women earned 82.9% as much as their male counterparts, compared with 94.9% for Black women, 79.3% for Asian women, and 90.3% for Hispanic women.

Among the major race and ethnicity groups, median earnings of Hispanics who worked full time ($879) were lower than those of Blacks ($908), Whites ($1,157), and Asians ($1,505). By sex, median weekly earnings for Black men were $935, or 74.6% of the median for White men ($1,254). Median earnings for Hispanic men were $914, or 72.9% of the median for White men. The difference was less among women, as Black women’s median earnings were $887, or 85.3% of those for White women ($1,040), and earnings for Hispanic women were $825, or 79.3% of those for White women. Earnings of Asian men ($1,679) and women ($1,331) were higher than those of their White counterparts.

By age, usual weekly earnings were highest for men ages 35 and over: median weekly earnings were $1,373 for men ages 35 to 44, $1,442 for men ages 45 to 54, $1,407 for men ages 55 to 64, and $1,381 for men 65 years and over.

Among women, usual weekly earnings were highest for workers ages 35 to 64: median weekly earnings were $1,115 for women ages 35 to 44, $1,156 for women ages 45 to 54, and $1,092 for women ages 55 to 64. Men and women ages 16 to 24 had the lowest median weekly earnings, $767 and $703, respectively. Men’s and women’s earnings were closer among younger workers than older workers; for example, women ages 16 to 24 earned 91.7% as much as men in the same age group, while the women’s-to-men’s earnings ratio was 76.1 percent for those age 55 and over.

Among the major occupational groups, people employed full time in management, professional, and related occupations had the highest median weekly earnings – $1,875 for men and $1,375 for women. People employed in service occupations earned the least – $833 for men, and $694 for women.

By educational attainment, full-time workers age 25 and over without a high school diploma had median weekly earnings of $718, compared with $901 for high school graduates (no college) and $1,680 for those holding at least a bachelor’s degree. Among college graduates with advanced degrees (master’s, professional, and doctoral degrees), the highest earning 10% of male workers made $4,867 or more per week, compared with $3,725 or more for their female counterparts.

The most recent federal wage data for Arkansas and its metro areas is from the third quarter of 2023. That data shows Benton County’s average weekly wage was $1,310, the highest among Arkansas’ 75 counties. Pulaski County is second with $1,146, and Washington County is third at $1,075. The data showed that the Arkansas weekly wage average in the third quarter was $1,036, unchanged from the same period in 2022. The Fort Smith metro weekly average wage was $913, with Crawford County at $882 and Sebastian County at $976.