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 still down after adjusting for inflation.
- The Consumer Price Index (CPI) was unchanged in October from September and is up 3.2% in the last year.
- Real average hourly earnings have fallen from $35.04 in January 2021 to $34.00 in October 2023, a 3.0% decline.