Seattle Area Economic Summary

Seattle Area Economic Summary

Updated March 14, 2024

This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject. For more area summaries and geographic definitions, see regions/economic-summaries.htm.

Unemployment rates for the nation and selected areas

Unemployment rates

Average weekly wages for all industries by county

Seattle metro area, third quarter 2023 (U.S. = $1,334; Area = $1,904)

United States

3.9

4.1

Washington

4.5 5.4

Seattle metro area

3.9 4.8

King County

3.3 4.4

Snohomish County

3.7 4.5

Pierce County

5.9

6.0

0.0

5.0

10.0

Jan-23 Jan-24 Source: U.S. BLS, Local Area Unemployment Statistics.

Source: U.S. BLS, Quarterly Census of Employment and Wages.

Over-the-year changes in employment on nonfarm payrolls and employment by major industry sector

12-month percent changes in employment 15.0

10.0

5.0

0.0

-5.0

-10.0 Jan-21

Jan-22

Jan-23

Jan-24

Seattle metro area

United States

Source: U.S. BLS, Current Employment Statistics.

Seattle metro area employment (number in thousands)

Jan. 2024

Total nonfarm

2,113.3

Mining and logging

1.0

Cons tructi on

121.8

Ma nufa cturi ng

167.4

Trade, transportation, and utilities

358.0

I nforma ti on

137.5

Financial activities

100.5

Professional and business services

381.4

Education and health services

300.8

Leisure and hospitality

193.6

Other services

73.1

Government

278.2

Source: U.S. BLS, Current Employment Statistics.

Change from Jan. 2023 to Jan. 2024

Number Percent

14.9

0.7

0.0

0.0

-6.3

-4.9

5.5

3.4

0.8

0.2

-7.0

-4.8

-1.8

-1.8

-7.4

-1.9

10.3

3.5

6.5

3.5

1.9

2.7

12.4

4.7

Over-the-year change in the prices paid by urban consumers for selected categories

12-month percent change in CPI-U, February 2024

5.0 4.3

4.0

3.2

3.0

2.2

2.0

1.2

1.0

0.0

-1.0

-2.0

-3.0

-1.9

-4.0

-2.9

All items

Food

Energy

Seattle metro area

U.S. city average

Source: U.S. BLS, Consumer Price Index.

Over-the-year changes in the selling prices received by producers for selected industries nationwide

12-month percent changes in PPI

35.0 30.0 25.0 20.0 15.0 10.0

5.0 0.0 -5.0 -10.0 -15.0

Feb-21

Feb-22

Feb-23

General freight trucking

Hospitals

Hotels (exc casino hotels) and motels

Source: U.S. BLS, Producer Price Index.

Feb-24

Average annual spending and percent distribution for selected categories

Average annual expenditures, United States and

Seattle area, 2021-22

100% 80% 60% 40%

$17,914

$12,550 $5,373 $10,497 $14,481

$12,168 $8,308 $5,651 $8,818 $11,645

20%

$33,090

$23,462

0%

Seattle area

United States

All other items

Personal insurance & pensions

Healthcare

Food

Transportation

Housing Source: U.S. BLS, Consumer Expenditure Survey.

Average hourly wages for selected occupations

Occupation All occupations

Seattle metro United

area

States

$38.47 $29.76

Human resources managers

93.16 70.07

Registered nurses

50.74 42.80

Accountants and auditors

45.25 41.70

Electricians

44.45 31.39

Chefs and head cooks

34.13 28.95

Construction laborers

28.67 22.29

Source: U.S. BLS, Occupational Employment and Wage Statistics, May 2022.

Employer costs per hour worked for wages and selected employee benefits by geographic division

Private industry, December 2023 Total compensation Wages and salaries Total benefits Paid leave Vacation Supplemental pay Insurance Retirement and savings Legally required benefits

West census region $45.15 31.95 13.20 3.39 1.69 1.68 3.09 1.55 3.49

United States $43.11

30.33 12.77

3.26 1.67 1.71 3.14 1.50 3.17

Source: U.S. BLS, Employer Costs for Employee Compensation.

Over-the-year changes in wages and salaries

12-month percent changes in ECI

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Dec-20

Dec-21 Seattle area

Source: U.S. BLS, Employment Cost Index.

Dec-22 United States

Dec-23

Western Information Office ? BLSinfoSF@ ? ? 415-625-2270

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