Workers in cities with the lowest unemployment rates in the country are also finally experiencing strong wage growth, according to a new analysis of Labor Department data.
Large cities including Denver; San Jose, California; Minneapolis; and Austin, Texas, have unemployment rates below 4 percent and are experiencing wage growth of at least double the 2 percent national average, the Wall Street Journal reported Monday.
Smaller areas including Fort Myers, Florida, Des Moines, Iowa, and Ogden, Utah have also experienced the same trend.
Until recently, wage growth for American workers had not kept up with a decline in the unemployment rate, which fell to the lowest level in 17 years last fall.
In 2010 and 2012, wage growth in the 100 largest metro areas was stagnant at around 2 percent annually, regardless of the unemployment rate, according to analysis by Moody’s Analytics.