The Real Deal: When you factor in inflation, wages are down about 3.6% in New York
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.