With so
many items costing more, is your paycheck keeping up?
This week,
we're breaking down your paycheck. News 12's Kristie Reeter takes a look at
what jobs are seeing the biggest boost in pay in New York.
"There
was an increase in wages overall in the state of New York in the past year,
just like there was nationwide, but when you adjust for inflation those gains
turned to losses," says Caleb Silver, of Investopedia.
When you
factor in inflation, wages are down about 3.6% in New York, still some
industries are better than others.
"You
got to look at leisure and hospitality - those restaurant and bar jobs where we
saw the steepest job losses and the biggest job gains in the past year - they
have been paying up for workers. It is the only sector of the economy with
gains of about 3.8% adjusted for inflation."
"A
raise that doesn't keep pace with inflation isn't really a raise," says
Charles Dougherty, an economist at Wells Fargo who tracks economic trends like wages.
But
eventually inflation will peak, which is good news for future paychecks.