Wages rise by only 1.1% in 2024
Graph showing new and continued unemployment claims in Spokane County.
SPOKANE VALLEY – As of August 2024, Spokane Valley's unemployment rate stood at 4.7%, reflecting a small increase of 0.2% compared to Aug. 2023. This is a milder shift than other areas of Washington, such as Seattle-Tacoma-Bellevue, which saw unemployment rise by 0.9% over the same period. By contrast, Coeur d'Alene, Idaho, saw a decrease in unemployment by -0.3%
Statewide, Washington's unemployment rate has increased by 1.8%, leaving 38,600 additional people unemployed between Aug. 2023 and Aug. 2024. Washington State's unemployment rate in August 2024 was 4.8%, slightly down from previous months. New and continued unemployment claims have increased, placing Washington 5th in the nation for rising unemployment claims.
Despite the state's overall economic growth with 1,600 new jobs added in August, the unemployment situation remains a concern, particularly as new unemployment claims in Spokane County, while slightly lower than the previous month, remain higher than in Aug. 2023, according to statistics from the Washington State Employment Security Department. Continued claims also increased significantly, reflecting a rise of 601 from last year.
The state continues to face economic challenges, with pockets of joblessness persisting across various regions, including Spokane County. The U-6 unemployment rate, a broader measure that includes underemployment, stood at 9.2% for the 4 quarters ending in Q2 2024.
Wages in Spokane Valley showed minor growth, increasing by 1.1% from $1,224.13 in Aug. 2023 to $1,237.51 in Aug. 2024. In comparison, Coeur d'Alene experienced a stronger wage increase of 2.6% during the same period. Contrasting this are regions like Olympia-Tumwater and Walla Walla, which saw significant wage declines, at -7.7% and -7.4% respectively. Seattle-Tacoma-Bellevue also saw a small wage decrease of -0.6%.
Although Spokane Valley has not experienced dramatic shifts in unemployment or wages, it's clear the region is still facing the same economic challenges as much of Washington.
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