REAL WAGES HAVE FALLEN 3.2% UNDER BIDEN

[infogram id=”b14c50d8-cce4-4098-945b-8d6b8a7c96f8″ prefix=”toi” format=”interactive” title=”REAL AVERAGE HOURLY EARNINGS V3 06202023″]

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.
  • Despite average hourly earnings trending up, wages are lower after adjusting for inflation.
  • The Consumer Price Index (CPI) rose 0.1% in May from April and is up 4.0% in the last year.
  • Real average hourly earnings have fallen from $34.55 in January 2021 to $33.44 in May 2023, a 3.2% decline.
Source BLS