LITTLE ROCK, Ark. – Arkansans looking for a pay raise may find newly released data disheartening.
According to data compiled by the ADP Research Institute, Arkansas ranks 47th in July for pay growth nationally, with a 5.2% year-over-year change in annual pay. The data showed that the median annual salary in the state is $46,100 for people who have stayed at their job for over one year.
Pay growth is also slowing nationally, researchers said, with a rate change for July of 6.2%. The analysis showed that this was the slowest pace of monthly gains nationwide since November 2021.
The rate change’s peak was 7.8% in September 2022. The national median pay for July was $57,600.
Women fared slightly better than men, with July national numbers showing that women had a 6.6% rate change compared to a 5.8% change for men.
The top state for July growth in the ADP research was Wyoming, which saw a 9.1% rate change. The District of Columbia had the highest pay level for that period at $96,500.
This data comes as the country is experiencing record highs in employment, with 324,000 jobs added in July, according to ADP research.
“The economy is doing better than expected and a healthy labor market continues to support household spending. We continue to see a slowdown in pay growth without broad-based job loss,” ADP chief economist Nela Richardson said.
The most recent figures from the Arkansas Division of Workforce Services had the state at a record-low 2.6% unemployment, with consistent record-low numbers since March.