- Real average hourly earnings are hourly earnings adjusted for inflation. They are one measure of real wages, which represent the economic return to work.
- Despite average hourly earnings trending up, wages are lower after adjusting for inflation.
- The Consumer Price Index (CPI) rose 0.4% in April from March and is up 4.9% in the last year.
- Real average hourly earnings have fallen from $34.43 in January 2021 to $33.36 in April 2023, a 3.3% decrease.
- Real average hourly earnings have fallen 0.5% in the last year alone, from $33.52 in April 2022 to $33.36 in April 2023.