Wages, Politics & the Upcoming Election — Part 3

This is part 3 of the Weekly Industry News look at wages in the U.S. We are doing these stories because income will be a huge part of the debates to come between Republican presidential nominee, Donald Trump and whoever ends up with the Democratic Party nomination toward the end of August and others in both parties seeking election or reelection.

Here are some statistics:

• The average annual salary in the United States at the end of 2023 was $59,384
• The highest average salaries go to those between 35 and 44
• People age 35 to 44 earn 13.8% more than the national average
• Mississippi is the lowest earning state with an average annual income of $48,048
• Massachusetts has the highest earners at an average of $86,840
• Cardiologists earn the highest average salary at $421,330
• Shampooers have the lowest average salary at $27,870
• By race, the lowest average salaries go to Hispanics and Latinos with an average annual salary of $45, 968
• Asians earn the highest average annual salary at $90,012
• The average per year earnings for a white male is $64,636
• The average earning for males in 2023 was $63,960
• On average women earned just under $10,000 a year less than men at $53,404

Breaking wages down by age group. As noted in the bullet points, those 35 to 44 have the highest average income. People 16 to 24 earn the least. Average earnings begin falling at age 45.

People 65 and over earn about 8% less than the national average.

Here is income estimates of all age groups

Total for everyone 16 years old to over 65

• Weekly: $1,145
• Monthly: $4,962
• Annual:$59,540

Age 16 to 24

• Weekly: $734
• Monthly: $3,181
• Annual:$38,168
• Difference from medial annual earnings: -$21.372
• Difference from median earnings: -35.9%

Age 25 to 34

• Weekly: $1,080
• Monthly: $4,680
• Annual:$56,160
• Difference from medial annual earnings: -$3,380
• Difference from median earnings: -5.7%

Age 35 to 44

• Weekly: $1,303
• Monthly: $5,646
• Annual:$67,756
• Difference from medial annual earnings: $8,216
• Difference from median earnings: 13.8%

Age 45 to 54

• Weekly: $1,275
• Monthly: $5,525
• Annual:$66,300
• Difference from medial annual earnings: $6,760
• Difference from median earnings: 11.4%

Age 55 to 64

• Weekly: $1,244
• Monthly: $5,391
• Annual:$64,688
• Difference from medial annual earnings: $5,148
• Difference from median earnings: 8.6%

Age 65 and over

• Weekly: $1,055
• Monthly: $4,572
• Annual:$54,860
• Difference from medial annual earnings: -$4,680
• Difference from median earnings: -7.9%

Mississippi has the lowest annual income at $48,048. The PIA Western Alliance state of Idaho has the fourth lowest annual income in the U.S. at $53,976.

When it comes to the highest average yearly incomes, the PIA Western Alliance states of Washington and California rank second and third. Massachusetts is first with an annual average of $86,640.

Washington follows at $85,748 and California’s annual average is $84,448.

Here is the average income for all 10 PIA Western Alliance states:

Alaska — $66,820

Arizona — $65,780

California — $84,448

Hawaii — $62,296

Idaho — $53,976

Montana — $55,744

Nevada — $61,828

New Mexico — $57,564

Oregon — $66,612

Washington — $85,748

Source link: USA TODAY — https://bit.ly/3SjNo83