- 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 still down after adjusting for inflation.
- The Consumer Price Index (CPI) rose 0.4% in September from August and is up 3.7% in the last year.
- Real average hourly earnings have fallen from $35.03 in January 2021 to $33.88 in September 2023, a 3.3% decline.