- Real average hourly earnings are hourly earnings adjusted for inflation. They are one measure of real wages, which represent the economic return to work.
- The Consumer Price Index (CPI) was unchanged in July from June and is up 8.5% in the last year.
- Despite trending up between January 2017 and January 2021, real wages have trended down since January 2021.
- Real average hourly earnings have fallen from $33.27 in July 2021 to $32.27 in July 2022, a 3.0% decrease.