[infogram id=”f66856fc-2ebf-49c3-bfc7-7f693ae73c30″ prefix=”6jY” format=”interactive” title=”REAL AVERAGE HOURLY EARNINGS V3 08142024″]
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 0.2% in July from June and is up 2.9% in the last year.
- Real average hourly earnings have fallen from $35.75 in January 2021 to $35.07 in July 2024, a 1.9% decline.
- Overall, prices have increased 19.4% since Biden took office in January 2021.