Report: Palm Coast wages dropping fast

 

Report: Palm Coast wages dropping fast

 

Date: February 11, 2013
by: Brian McMillan | Managing Editor

 
 

 

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Wages in Palm Coast are dropping faster than 95% of the 372 U.S. metro areas, according to a report from the U.S. Bureau of Labor Statistics.

Palm Coast’s average hourly wage in 2012 was $15.63. When adjusted for inflation, that’s a decrease of 14.4% in two years. In the past 24 months, the wage increased year-over-year in just eight of them.

Seven metropolitan areas experienced zero months of wage growth out of the past 24, including Deltona-Daytona Beach-Ormond Beach. That area’s average wage in 2012 was $17.32, a decrease of 14.7% in the past two years, when adjusted for inflation.

A report published on GarnerEconomics.com states: "According the U.S. Bureau of Labor Statistics, wages over the last two years have increased by 4.7% nationally, from $22.79 per hour in 2010 to $23.87 at the end of 2012. However, when inflation is considered, which up 4.8% over the same period, wage growth looks flat, if not even a hair negative."

The wage drop in Palm Coast is tied for 17th worst in the U.S., putting it in the bottom 4.5% of metropolitan statistical areas. The Deltona-Daytona Beach-Ormond Beach area was tied for 15th worst, which is the bottom 4.0%.

Here is a full list of the areas with worse wage growth, with the percentage drop:

El Centro, Calif. -29.7%
Punta Gorda, Fla. -27.9%
Michigan City-La Porte, Mich. -23.5%
Kokomo, Ind. -23.2%
Hot Springs, Arkansas -22.6%
Flint, Mich. -21.9%
Las Cruces, N.M. -19.9%
Danville, Va. -19.0%
Champagne-Urbana, Ill. -18.0%
Warner Robins, Ga. -17.1%
Yuba City, Calif. -16.1%
Sheboygan, WIs. -15.7%
Lynchburg, Va. -15.2%
Victoria, Texas -14.9%
Deltona-Daytona Beach-Ormond Beach -14.7%
Hanford-Corcoran, Calif. -14.7%
Mankato-North Mankato, Minn. -14.4%
Palm Coast, Fla. -14.4%
*Reflects the past two years, adjusted for inflation. Source: U.S. Bureau of Labor Statistics.

 

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