Economic News:
U.S. business activity rebounded in May after hitting a 16-month low in April, with S&P Global’s Flash PMI showing both the services and manufacturing sectors improving to readings of 52.3, exceeding expectations and signaling moderate expansion. Business sentiment also picked up from April’s two-and-a-half-year low to its highest level since January, driven in part by easing trade tensions, though concerns remained as prices rose at the fastest pace since August 2022—largely due to tariffs—while export orders declined and supply chain delays worsened. S&P Global’s Chris Williamson noted that some of May’s rebound may reflect businesses and customers rushing to act ahead of potential new tariffs. In the housing market, April existing home sales fell 0.5% to a seasonally adjusted annual rate of 4 million—the lowest April level since 2009—despite a median sales price increase to $414,000, marking the 22nd straight month of year-over-year gains. NAR’s Chief Economist Lawrence Yun highlighted persistent but unrealized pent-up demand, suggesting lower mortgage rates could unlock activity, as 30-year mortgage rates climbed to their highest since mid-February. Meanwhile, new home sales rose unexpectedly to an annual rate of 743,000 in April, far surpassing estimates, while the median sales price dropped 2% year-over-year to $407,200.
What We’re Showing:
While wages in the U.S. have grown in recent years, many families are still feeling the squeeze of high inflation. Pay levels vary widely not just by profession, but also by geography.
This graphic maps the average salary by U.S. state using the latest data from the Bureau of Labor Statistics, as of March 2025. The figures represent total private hourly earnings, not seasonally adjusted.
Key Insights:
At the top of the list is Washington, DC, where workers earn an average of $52.89 per hour, far outpacing every state. This reflects the region’s concentration of high-paying jobs in government, law, and professional services. Massachusetts comes in second at $42.50/hour, followed by Washington at $41.82, and California at $40.93. In common, these states are home to major tech, biotech, and finance hubs.
At the other end of the spectrum are Mississippi ($28.25) and Louisiana ($29.17).
Northeastern states dominate the upper end of the scale, with Connecticut and New York joining Massachusetts above the $38/hour mark. In contrast, much of the South and Midwest sits closer to or below the national median. For example, Iowa ($30.94) and Indiana ($32.07) reflect more modest earnings common in the region. When compared, the earnings gap between the highest (DC) and lowest (Mississippi) is more than $24 per hour. The federal minimum wage is currently $7.25 per hour for workers covered by the Fair Labor Standards Act (FLSA), though many states have set their own, often higher, minimum wage rates.
Meanwhile, the Middle East accounts for 5.6% of the world’s large firms. Saudi Arabia ranks at the top, with 98 billion dollar companies while the UAE follows next with 62. Both countries have seen a massive influx of funds investing in AI infrastructure and advanced manufacturing. At the same time, energy and financial giants dominate their stock exchanges.
On the other end of the spectrum, Africa has the smallest share of billion dollar firms. Overall, South Africa is home to the most large firms on the continent, at 43, while Egypt and Nigeria each have one billion dollar company.