- 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.