Southern California bosses raised wages and salaries by 3.3 percent in the past year, one government measurement shows.
The Employment Cost Index for Los Angeles, Orange, Riverside, San Bernardino and Ventura counties showed pay hikes rising from 3.1 percent annualized in the previous quarter and 2.7 percent in the year-ago period. A tight regional job market with low unemployment has forced employers to up pay to retain and attract workers.
From 2010 to 2014, post-recession years, the index showed tight-fisted employers upping pay at just a 1.6 percent annual rate. Since then, local wages and salaries have averaged annualized increases of 3.2 percent.
Of the 15 metropolitan areas tracked by this index, Southern California raises were the No. 6 highest nationwide last quarter. Biggest hikes were in the Bay Area at 4.5 percent. Lowest? Boston at 1.1 percent.
Nationally, wages and salaries rose at a 2.8 percent pace in the last quarter by this math vs. 2.5 percent in the pervious quarter and 2.2 percent a year ago.
This index attempts to limit the influence that employment shifts among occupations and industries can have on income metrics. When the index considered added benefit costs to see total compensation, Southern California labor costs for last quarter were up at a 3.1 percent annual rate vs. 3.2 percent in the pervious quarter and 2.9 percent a year ago.
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