In December 2024, inflation amounted to 2.9 percent, while wages grew by 4.2 percent. The inflation rate has not exceeded the rate of wage growth since January 2023. Inflation in 2022 The high rates of inflation in 2022 meant that the real terms value of American wages took a hit. Many Americans report feelings of concern over the economy and a worsening of their financial situation. The inflation situation in the United States is one that was experienced globally in 2022, mainly due to COVID-19 related supply chain constraints and disruption due to the Russian invasion of Ukraine. The monthly inflation rate for the U.S. reached a 40-year high in June 2022 at 9.1 percent, and annual inflation for 2022 reached eight percent. Without appropriate wage increases, Americans will continue to see a decline in their purchasing power. Wages in the U.S. Despite the level of wage growth reaching 6.7 percent in the summer of 2022, it has not been enough to curb the impact of even higher inflation rates. The federally mandated minimum wage in the United States has not increased since 2009, meaning that individuals working minimum wage jobs have taken a real terms pay cut for the last twelve years. There are discrepancies between states - the minimum wage in California can be as high as 15.50 U.S. dollars per hour, while a business in Oklahoma may be as low as two U.S. dollars per hour. However, even the higher wage rates in states like California and Washington may be lacking - one analysis found that if minimum wage had kept up with productivity, the minimum hourly wage in the U.S. should have been 22.88 dollars per hour in 2021. Additionally, the impact of decreased purchasing power due to inflation will impact different parts of society in different ways with stark contrast in average wages due to both gender and race.

In 2023, the usual median hourly rate of a worker's wage in the United States was 19.24 U.S. dollars, a decrease from the previous year. Dollar value is based on 2023 U.S. dollars. In 1979, the median hourly earnings in the U.S. was 17.48 dollars.

Wages in the United States increased 4.46 percent in January of 2025 over the same month in the previous year. This dataset provides the latest reported value for - United States Wages and Salaries Growth - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Graph and download economic data for Income Before Taxes: Wages and Salaries by Quintiles of Income Before Taxes: Lowest 20 Percent (1st to 20th Percentile) (CXU900000LB0102M) from 1984 to 2023 about percentile, salaries, tax, wages, income, and USA.

Graph and download economic data for Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over (LES1252881600Q) from Q1 1979 to Q4 2024 about full-time, salaries, workers, earnings, 16 years +, wages, median, real, employment, and USA.

Between 1914 and 1969, weekly wages in manufacturing industries in the United States grew by a factor of 12. In the first half of the century, the most significant periods of increase came during the World Wars, as manufacturing industries were at the core of the war effort. However, wages then fell sharply after both World Wars, due to post-war recessions and oversaturation of the job market as soldiers returned home. Interwar period Wage growth during the interwar period was often stagnant, despite the significant economic growth during the Roarin' 20s, and manufacturing wages remained steady at around 24 dollars from 1923 to 1929. This was, again, due to oversaturation of the job market, as employment in the agricultural sector declined due to mechanization and many rural workers flocked to industrial cities in search of employment. The Great Depression then saw the largest and most prolonged period of decline in manufacturing wages. From September 1929 to March 1933, weekly wages fell from 24 dollars to below 15 dollars, and it would take another four years for them to return to pre-Depression levels. Postwar prosperity After the 1945 Recession, the decades that followed the Second World War then saw consistent growth in manufacturing wages in almost every year, as the U.S. cemented itself as the foremost economic power in the world. This period is sometimes referred to as the Golden Age of Capitalism, and the U.S. strengthened its economic presence in Western Europe and other OECD countries, while expanding its political and military presence across Asia. Manufacturing and exports played a major role in the U.S.' economic growth in this period, and wages grew from roughly 40 dollars per week in 1945 to more than 120 dollars by the late 1960s.

America’s lowest earners are also its most essential workers: truck drivers, packers and shippers, grocery clerks, servers, healthcare assistants, housekeepers, and janitors. Despite working long hours in difficult jobs, many of these workers are trapped in positions with low wages and little or no prospects for advancement. Most employers believe they have policies in place to help these workers. However, a survey of more than 1,000 U.S. low-wage workers (Upward mobility survey of low-wage workers - Questionnaire) and a matching survey of 1,150 U.S. business leaders (Upward mobility survey of employers of low-wage workers - Questionnaire) show that implementation is poor. Workers don’t get the support they need in the form of mentorship, training, or career guidance. This results in stagnant wages for workers and high churn for companies. As companies struggle to fill positions in the post-Covid recovery, they will need to invest in retaining and nurturing talent—especially for the lowest earners who perform the most critical tasks.

Graph and download economic data for Average Hourly Earnings of All Employees, Total Private (CES0500000003) from Mar 2006 to Feb 2025 about earnings, average, establishment survey, hours, wages, private, employment, and USA.

In the three months to December 2024, average weekly earnings in the United Kingdom grew by 5.9 percent, while pay including bonuses also grew by six percent, when compared with the same period in 2023. In the same month, the inflation rate for the Consumer Price Index was 2.5 percent, indicating that wages were rising faster than prices that month. Average salaries in the UK In 2024, the average salary for full-time workers in the UK was 37,430 British pounds a year, up from 34,963 in the previous year. In London, the average annual salary was far higher than the rest of the country, at 47,455 pounds per year, compared with just 32,960 in North East England. There also still exists a noticeable gender pay gap in the UK, which was seven percent for full-time workers in 2024, down from 7.5 percent in 2023. Lastly, the monthly earnings of the top one percent in the UK was 15,887 pounds as of November 2024, far higher than even that of the average for the top five percent, who earned 7,641 pounds per month, while pay for the lowest 10 percent of earners was just 805 pounds per month. Waves of industrial action in the UK One of the main consequences of high inflation and low wage growth throughout 2022 and 2023 was an increase in industrial action in the UK. In December 2022, for example, there were approximately 830,000 working days lost due to labor disputes. Throughout this month, workers across various industry sectors were involved in industrial disputes, such as nurses, train drivers, and driving instructors. Many of the workers who took part in strikes were part of the UK's public sector, which saw far weaker wage growth than that of the private sector throughout 2022. Widespread industrial action continued into 2023, with approximately 303,000 workers involved in industrial disputes in March 2023. There was far less industrial action by 2024, however, due to settlements in many of the disputes, although some are ongoing as of 2025.

Graph and download economic data for 3-Month Moving Average of Unweighted Median Hourly Wage Growth: Overall (FRBATLWGT3MMAUMHWGO) from Mar 1997 to Feb 2025 about growth, moving average, 3-month, average, wages, median, and USA.

Germany had an average salary of 65.7 thousand U.S dollars per year in 2023, the highest among the five largest European economies. Germany has consistently had the highest wages in Europe over the last thirty years. Many countries in Europe experienced a significant decrease in their average wage level following the global financial crisis of 2008, with France and Germany bucking this trend by retaining robust wage growth. While British wages have stagnated since the crash, only surpassing their 2007 level in 2019, Italian and Spanish wages have in fact fallen, driven by the macroeconomic troubles of these countries since the Eurozone crisis.

The house price to income ratio in the U.S. increased in 2023, after falling slightly in the second half of 2022. The ratio measures the development of housing affordability and is calculated by dividing the nominal house price by the nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. In the third quarter of 2024, the index score amounted to 130.3, which means that house price growth has outpaced income growth by over 30 percent since 2015.Stagnant wages Average annual real wages steadily rose until 2014 but have since remained stagnant. However, single-family house prices have continued to increase. This disparity has resulted in decreased housing affordability. Average wages needed to buy a home The share of wages needed to buy a median priced home in the United States has been steadily increasing since 2012. This trend is reflected in the house price to income ratio as well. The availability of affordable housing will become more important, if the price to income ratio continues to develop in this way.

Key information about Thailand Household Income per Capita

• Thailand Annual Household Income per Capita reached 3,756.344 USD in Dec 2023, compared with the previous value of 3,728.753 USD in Dec 2021.
• Thailand Annual Household Income per Capita data is updated yearly, available from Dec 1981 to Dec 2023, with an averaged value of 1,292.258 USD.
• The data reached an all-time high of 3,756.344 USD in Dec 2023 and a record low of 384.846 USD in Dec 1986.
• In the latest reports, Retail Sales of Thailand grew 0.336 % YoY in Apr 2023.

CEIC calculates Annual Household Income per Capita from Monthly Average Household Income per Capita multiplied by 12 and converts it into USD. National Statistical Office provides Average Household Income per Capita in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.

Graph and download economic data for Corporate profits: Profits before taxes, NIPAs (A053RC1A027NBEA) from 1929 to 2023 about corporate profits, tax, corporate, GDP, and USA.

During the academic year of 2021-22, public school teachers in the United States made an average of 66,397 U.S. dollars per year. This is a significant increase from the 1979-80 school year, when the average annual wage for public school teachers was 15,970 U.S. dollars.

Stagnating wages

While the American economy is doing well, wages have been stagnating in recent years. The federal minimum wage, which currently stands at 7.25 U.S. dollars per hour, has not been raised since July 2009, meaning that minimum wage has not increased with inflation. Although minimum wage varies by state, the federal minimum wage prevails in many states. Additionally, median hourly earnings for workers, while increasing steadily, have not seen any significant jumps in recent years.

Fair pay for teachers

The majority of Americans believe that teachers are not paid fairly for the work that they do. Full-time public elementary and secondary school teachers in the U.S. have the highest salary in New York state, but the lowest salary in Mississippi.

This dataset encompasses the foundations and findings of a study titled "Housing Wealth Distribution, Inequality, and Residential Satisfaction," highlighting the evolution of residential properties from mere consumption goods to significant assets for wealth accumulation. Since the 1980s, with financial market deregulation in the UK, there has been a noticeable shift in homeownership patterns and housing wealth's role. The liberalisation of the banking sector, particularly mortgage lending, facilitated a significant rise in homeownership rates from around 50% in the 1970s to over 70% in the early 2000s, stabilizing at 65% in recent years. Concurrently, housing wealth relative to household annual gross disposable income has seen a considerable increase, underscoring the growing importance of residential properties as investment goods.

The study explores the multifaceted impact of housing wealth on various aspects of life, including retirement financing, intergenerational wealth transfer, health, consumption, energy conservation, and education. Residential satisfaction, defined as the overall experience and contentment with housing, emerges as a critical factor influencing subjective well-being and labor mobility. Despite the evident influence of housing characteristics, social environment, and demographic factors on residential satisfaction, the relationship between housing wealth and satisfaction remains underexplored.

To bridge this gap, the research meticulously assembles data from different surveys across the UK and the USA spanning 1970 to 2019, despite challenges such as data compatibility and measurement errors. Initial findings reveal no straightforward correlation between rising house prices and residential satisfaction, mirroring the Easterlin Paradox, which suggests that happiness levels do not necessarily increase with income growth. This paradox is dissected through the lenses of social comparison and adaptation, theorizing that relative income and the human tendency to adapt to changes might explain the stagnant satisfaction levels despite increased housing wealth.

Further analysis within the UK context supports the social comparison hypothesis, suggesting that disparities in housing wealth distribution can lead to varied satisfaction levels, potentially exacerbating societal inequality. This phenomenon is not isolated to developed nations but is also pertinent to developing countries experiencing rapid economic growth alongside widening income and wealth gaps. The study concludes by emphasizing the significance of considering housing wealth inequality in policy-making, aiming to mitigate its far-reaching implications on societal well-being.

Although China has almost eliminated urban poverty, the total number of Chinese citizens in poverty remains at 82 million, most of which are rural residents. The development of rural finance is essential to preventing the country from undergoing further polarization because of the significant potential of such development to facilitate resource interflows between rural and urban markets and to support sustainable development in the agricultural sector. However, rural finance is the weakest point in China's financial systems. Rural households are more constrained than their urban counterparts in terms of financial product availability, consumer protection, and asset accumulation. The development of the rural financial system faces resistance from both the demand and the supply sides.

The proposed project addresses this challenge by investigating the applications of a proven behavioural approach, namely, Libertarian Paternalism, in the development of rural financial systems in China. This approach promotes choice architectures to nudge people into optimal decisions without interfering with the freedom of choice. It has been rigorously tested and warmly received in the UK public policy domain. This approach also fits the political and cultural background in China, in which the central government needs to maintain a firm control over financial systems as the general public increasingly demands more freedom.

Existing behavioural studies have been heavily reliant on laboratory experiments. Although the use of field studies has been increasing, empirical evidence from the developing world is limited. Meanwhile, the applications of behavioural insights in rural economic development in China remains an uncharted territory. Rural finance studies on the household level are limited; evidence on the role of psychological and social factors in rural households' financial decisions is scarce. The proposed project will bridge this gap in the literature.

The overarching research question of this project is whether and how behavioural insights can be used to help rural residents in China make sound financial decisions, which will ultimately contribute to the sustainable economic development in China. The research will be conducted through field experiments in...

In 2022, the average annual wage had reached 59,408 U.S. dollars in Australia. Since 2000, the average wage in Australia has increased by around 10,000 U.S. dollars. Since 2011, the average wage in Australia has remained fairly stagnant.

After a steep decline, starting in 2010 and culminating in the bottom value of 19,939 euros, average annual wages in Portugal increased to unprecedented figures. By 2021, the mean wage per year of work was 21,717 euros, despite the more than 200-euro drop that followed in 2022. By 2023, annual wages rose to 22,006 euros. The salary increase is not enough to tackle living expenses The surge in salaries is even more evident when considering minimum annual wages. Following a period of stagnation between 2011 and 2014, the Portuguese minimum annual salary has been on a hike, reaching 11,480 euros by 2024. This rise is relevant when considering the impact of growing inflation on the prices of goods and services, as it restores some purchasing power to workers. Nevertheless, 50 percent of Portuguese people stated, in 2023, that their professional income was mostly not enough to face up to living expenses. Youngsters and women struggle the most when it comes to unemployment and salary amounts The unemployment rate in the country was at six percent in the second quarter of 2024, having decreased from the previous quarter. People between 16 and 24 years of age were the most affected by unemployment, with shares of 22 percent in the same quarter. Women followed as the second most impacted by this social issue. The gender gap is also notorious when it comes to wages. In 2022, women’s average monthly salaries were over 13 percent lower than the salaries of their male counterparts, which impairs women in the tackling of the rising cost of living.

As of 2023, Italy had the highest unemployment rate of the G7 countries, reaching 7.6 percent. Especially in Canada and the United States, the unemployment rate rose sharply in 2020 due to the COVID-19 outbreak. Japan had the lowest unemployment rate at just 2.6 percent. Slowed growth of the Japanese economy and society While Japan had the lowest unemployment rate, it also experienced a slow wage growth. Wages in Japan are known to be stagnant, with many workers going years without experiencing any wage growth in their roles. One contributing factor to its low unemployment rate is its shrinking population. As the population continues to decrease, there is less competition for work. However, this introduces other problems for Japanese society, as it also has a rapidly aging population that requires long-term care. Unemployment in Italy: The divide between Northern and Southern Italy Not only does Italy have the highest unemployment rate out of the G7, but it has the second-highest unemployment rate of Europe's largest economies. Furthermore, Italy has significant levels of youth unemployment, with the majority of youth unemployment lying within southern regions of the country. The economic divide between Northern and Southern Italy is significant, and can be attributed to differences in industralization and economic diversification. The prominence of this divide has had wider impacts on Italian politics and society.

In 2023, the gross domestic product (GDP) of China amounted to around 17.8 trillion U.S. dollars. In comparison to the GDP of the other BRIC countries India, Russia and Brazil, China came first that year and second in the world GDP ranking. The stagnation of China's GDP in U.S. dollar terms in 2022 and 2023 was mainly due to the appreciation of the U.S. dollar. China's real GDP growth was three percent in 2022 and 5.2 percent in 2023. In 2023, per capita GDP in China reached around 12,600 U.S. dollars. Economic performance in China Gross domestic product (GDP) is a primary economic indicator. It measures the total value of all goods and services produced in an economy over a certain time period. China's economy used to grow quickly in the past, but the growth rate of China’s real GDP gradually slowed down in recent years, and year-on-year GDP growth is forecasted to range at only around four percent in the years after 2023. Since 2010, China has been the world’s second-largest economy, surpassing Japan.China’s emergence in the world’s economy has a lot to do with its status as the ‘world’s factory’. Since 2013, China is the largest export country in the world. Some argue that it is partly due to the undervalued Chinese currency. The Big Mac Index, a simplified and informal way to measure the purchasing power parity between different currencies, indicates that the Chinese currency yuan was roughly undervalued by 31 percent in 2023. GDP development Although the impressive economic development in China has led millions of people out of poverty, China is still not in the league of industrialized countries on the per capita basis. To name one example, the U.S. per capita economic output was more than six times as large as in China in 2023. Meanwhile, the Chinese society faces increased income disparities. The Gini coefficient of China, a widely used indicator of economic inequality, has been larger than 0.45 over the last decade, whereas 0.40 is the warning level for social unrest.