Key Points:
- 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 0.4% in February from January and is up 6.0% 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 $34.36 in January 2021 to $33.09 in February 2023, a 3.7% decrease.
- Real average hourly earnings have fallen 1.3% in the last year alone, from $33.52 in February 2022 to $33.09 in February 2023.