GROWTH IN WAGES OF THE PAST 10 YEARS
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Why is this important?
Average pay per employee is a basic measure of the economy’s health. Increasing or decreasing inflation-adjusted pay per employee reflects the relative economic vitality of Long Island. It does not, however, assess whether the returns of economic activity are being distributed equally throughout the workforce.
How are we doing?
Average pay per employee on Long Island increased 6% from 1998 to 2007 compared to the US which rose 15%. This shows that the US income has grown much faster than Long Island’s.
Between 2000 and 2006, the inflation-adjusted average pay per employee was stagnant; between 2006 and 2007, pay per employee rose 3% .