According to Wisconsin Public Radio, Wisconsin’s wage growth has slowed in the past year, but inflation-adjusted personal incomes are expected to rise slightly after a decline in 2022.
The year-over-year change in annual pay statewide was 5.6% in November, down from 8% at the same time in 2022. The consumer price index showed prices were 3.1% higher in November compared to one year earlier, but in the same month in 2022, prices were 7.1% higher than one year before.
Taking inflation into account, Wisconsin’s 2022 median wage fell to 2019 levels; however, real personal income, adjusted for inflation, is predicted to have grown by 0.5% in 2023 and to grow 1.8% in 2024. It declined by 3.2% in 2022.
Wisconsin’s wages are anticipated to grow slowly in 2024, by roughly 3.5%. National wages are expected to grow by 4.3%.
