NEW YORK -- The rate of increase for Major League Baseball's average salary slowed to 2.9% last year to a record $4.66 million, according to the annual report of the players' association.

The average of $4,655,366 was up from $4,525,719 in 2023, which marked a 7% increase from 2022.

After declining to $3.68 million in 2021, a year following the pandemic-shortened season, the average rose 23% over the next two seasons.

Union figures are based on the 2024 salaries, earned bonuses and prorated shares of signing bonuses for 1,033 players on Aug. 31 active rosters and injured lists, before active rosters expanded for the remainder of the season.

The union's report was finalized as salary arbitration hearings started this week.