REAL WAGES STILL DOWN UNDER BIDEN DESPITE SLOWING INFLATION

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 and lower inflation readings recently, wages are still down after adjusting for inflation.
  • The Consumer Price Index (CPI) rose 0.2% in July from June and is up 3.2% in the last year, an increase from 3.0% in the year ending in June.
  • Real average hourly earnings have fallen from $34.67 in January 2021 to $33.74 in July 2023, a 2.7% decline.
Source BLS