Two of the major storylines of the 2022 economy were the soaring energy sector and the retrenching tech sector.
Driving the news: New government data released Wednesday shows just how that played out in the wages of workers based in energy and tech-heavy regions.
State of play: The detailed numbers on employment, wages, and job creation in local areas of the U.S. last year show that average wages surged in key oil and gas areas — like Midland County, Texas, a hub for the energy-rich Permian Basin, where average weekly wages jumped 14% year over year.
- On the flip side, Silicon Valley and the Bay Area suffered sharp drops in average wages, as the tech sector shed jobs.
- California's San Mateo County — where Facebook is headquartered — saw the steepest decline.