- 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) rose 0.5% in January from December and is up 6.4% 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 $33.64 in January 2022 to $33.03 in January 2023, a 1.8% decrease.