The wage bubble that developed over the Buffalo-Niagara area during the COVID-19 pandemic has burst, and wages have returned to their previous levels.
The wages of employees in the Buffalo-Niagara region have returned to a mode of slow growth, and this growth is getting slower on a month-to-month basis.
The average weekly wages at private companies in the Buffalo-Niagara area increased by less than 1% between August 2021 and August 2022, a pace that is less than half of the rate of growth that was seen as recently as June.
Even while the weekly wage increases in the Buffalo-Niagara region were much lower than the roughly 5% rise that was seen nationwide, they were still in the middle of the pack when compared to the major metropolitan regions in upstate New York. However, when compared to the national average, the typical weekly wage in this region is around 11% lower.