The BLS Real Earnings Report for September shows another monthly decline in real wages.
- Real average hourly earnings for all employees decreased 0.1 percent from August to September, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.3 percent in average hourly earnings combined with an increase of 0.4 percent in the Consumer Price Index for All Urban Consumers (CPI-U).
- Real average hourly earnings for production and nonsupervisory employees increased 0.1 percent from August to September, seasonally adjusted. This result stems from a 0.4-percent increase in average hourly earnings combined with an increase of 0.3 percent in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Real Hourly Wages Percent Change Month Over Month
Real wages, data from BLS, calculations by Mish.
Real wages have only risen materially for a few months since the beginning of 2021.
Nominal Wages Year-Over-Year Percent Change
Atlanta Fed Wage Tracker
The Atlanta Fed has a Wage Growth Tracker that differs a bit from the BLS.
I created a few new charts from their data, and incorporated real (inflation-adjusted) wages as well.
Atlanta Fed Wage Tracker vs BLS Nominal
In nominal terms, the Atlanta Fed Wage Tracker has been better than the numbers shown by the BLS.
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That means real wages will be a bit better as well.
Real Atlanta Fed Wage Tracker vs BLS Real
Atlanta Fed Data and Mish Calculations
I created the above chart using the Atlanta Fed 3-month weighted numbers deflated by a 3-month average of the CPI-U.
The numbers are a little better than the BLS, but like the BLS, real wages year-over-year are down 18 straight months.
CPI Much Hotter Than Expected Led by a Surge in Price of Food and Shelter
For a look at the latest CPI numbers, please see CPI Much Hotter Than Expected Led by a Surge in Price of Food and Shelter
Also note The Cost of Food Jumps Another 0.8 Percent in September
This post originated at MishTalk.Com
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