REAL WAGES HAVE FALLEN 2.6% UNDER BIDEN

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) rose 0.3% in December from November and is up 3.4% in the last year.
  • Real average hourly earnings have fallen from $35.18 in January 2021 to $34.27 in December 2023, a 2.6% decline.
Source BLS