24Biz.Biz Study Reveals Mississippi as the U.S. State with the Lowest Wages by the End of 2024

New analysis highlights average salary disparities and examines the economic landscape across the nation.
In 2024, 24Biz conducted a comprehensive analysis of salary data across the United States, identifying Mississippi as the state with the lowest average salary. Drawing on data from reputable sources such as the U.S. Bureau of Labor Statistics, Census Bureau reports, and state labor market information, the analysis sheds light on significant salary disparities across the country and explores the factors contributing to lower wage levels in Mississippi.

Key Findings:

* Mississippi Tops the List for Lowest Salaries

* Average Annual Salary: $45,000
* Major Industries: Agriculture, Manufacturing, Retail Trade
* Cost of Living Index: Approximately 13% lower than the national average

* Influencing Factors

* Economic Composition: Predominance of low-wage sectors, including agriculture and retail
* Educational Attainment: Lower levels of educational achievement impact job availability and wages.
* Infrastructure Investment: Limited resources allocated to infrastructure and business development hamper economic growth.

* Comparison with Other Low-Salary States

* Arkansas: $47,000 (Cost of Living Index 88)
* West Virginia: $48,000 (Cost of Living Index 85)
* New Mexico: $49,000 (Cost of Living Index 87)
* Louisiana: $50,000 (Cost of Living Index 87)

Positive and Negative Implications

* Positive Aspects:

* Lower Cost of Living: Affordable housing, food, and transportation can offer financial relief for residents.
* Quality of Life: Tight-knit communities and a slower pace of life frequently characterize these regions.

* Negative Aspects:

* Limited Economic Mobility: Lower salary levels can restrict saving, investing, and pursuing higher education.
* Outmigration: Young professionals often relocate to states with higher-paying opportunities, affecting workforce demographics.

Insights into Mississippi's Economic Landscape

Despite the state's lower salary figures, Mississippi is home to several companies known for offering competitive compensation. These include Northrop Grumman, Magnolia State Bank, Peavey Electronics, and International Paper. Additionally, industries such as energy, healthcare, and technology-represented by notable employers like Chevron, University of Mississippi Medical Center, Ingalls Shipbuilding, Raytheon Technologies, Cadence Bank, and Mississippi Power-provide higher-than-average salaries for specialized and leadership roles.

Quotes from 24Biz.Biz

"We considered many factors-average wage, minimum wage, cost of living, economic structure, unemployment rate, demographic factors, government support and subsidies, and more-when determining the state with the lowest wages in the United States." - Marina Kingston, Chief Financial Analyst.

"We conduct research periodically. If our readers have non-standard ideas for the study, we are always open to dialogue." - Marina Kingston, Chief Financial Analyst.

Available Government Benefits for Mississippi Residents

Mississippi offers a wide range of government assistance programs designed to support households facing financial hardship. Key initiatives include SNAP, TANF, Medicaid, Mississippi Affordable Housing, Unemployment Insurance, SSI, the Child Care Payment Program (CCPP), and LIHEAP. Information on eligibility and application processes can be found through the Mississippi Department of Human Services.

About 24Biz.Biz

24Biz.Biz [https://24biz.biz/] is an emerging financial and business-focused platform dedicated to delivering insightful news, research, and analysis for readers nationwide. With a passionate team of eight specialists in the financial and business sectors, the company aims to foster close relationships with its audience, remaining accessible 24/7 and prioritizing informative publications over financial gain.

For more information, please visit these links:

* Research Page: Lowest Salaries in US States 2024 [https://24biz.biz/finance/lowest-salaries-us-states-2024/]
* Main Website: https://24biz.biz [https://24biz.biz/]
* Email: 24biz.biz@gmail.com [mailto:24biz.biz@gmail.com]

Media outlets and financial analysts interested in covering or referencing this study are encouraged to visit the above links. All data and insights are offered in the spirit of facilitating a broader understanding of the economic landscape and guiding potential relocation or investment decisions.

Media Contact
Company Name: 24Biz Company
Contact Person: Marina Kingston
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=24bizbiz-study-reveals-mississippi-as-the-us-state-with-the-lowest-wages-by-the-end-of-2024]
Country: United States
Website: http://24biz.biz

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This release was published on openPR.