High weekly wage lags behind inflation
While Nevadans earned the highest average weekly wage on record during 2012, it still wasn’t enough to catch up to the rate of inflation.
The weekly wage for the fourth quarter of 2012 was a record $877, higher than any quarter on record, according to information released Tuesday by the Department of Employment, Training and Rehabilitation’s Research and Analysis Bureau.
That brought the average weekly wage for 2012 to $839, a 1.3 percent increase from 2011 and another new annual record for Nevada. Gains have now been recorded in seven of the past 10 quarters.
However, the average for the whole of 2012 still lags behind the rate of inflation, according to Bureau Chief Economist Bill Anderson.
“This annual increase is overtaken by the inflation rate as calculated by the Consumer Price Index, which stands at 2.1 percent for 2012,” Anderson said. “Nevertheless, all economic measurements indicate Nevada’s economy is showing continual improvement.”
After declining in both 2009 and 2010, wage growth measured on a calendar year basis, turned positive in 2011.
“I am pleased that Nevadans are reaping the rewards of their hard work by earning more than ever before, and while this report is positive overall, there are still too many of our fellow Nevadans who are unemployed,” Gov. Brian Sandoval said. “We will continue our efforts to diversify our economy and bring new jobs to our state and get Nevadans working again.”