Figure B
Nominal wage growth continues to decelerate: Nominal wage growth in average hourly earnings for all workers, three-month change annualized, one-month change annualized, and quarterly change annualized
| date | Three-month change, annualized | One-month change, annualized | Quarterly change, annualized |
|---|---|---|---|
| 2019-01-01 | 3.4% | 1.3% | 3.5% |
| 2019-02-01 | 3.8% | 4.9% | 3.6% |
| 2019-03-01 | 3.4% | 4.0% | 3.5% |
| 2019-04-01 | 2.5% | -1.3% | 3.2% |
| 2019-05-01 | 2.3% | 4.4% | 2.7% |
| 2019-06-01 | 2.2% | 3.5% | 2.3% |
| 2019-07-01 | 3.8% | 3.5% | 2.8% |
| 2019-08-01 | 3.9% | 4.8% | 3.3% |
| 2019-09-01 | 3.3% | 1.7% | 3.7% |
| 2019-10-01 | 3.2% | 3.0% | 3.5% |
| 2019-11-01 | 3.2% | 4.8% | 3.2% |
| 2019-12-01 | 2.9% | 0.8% | 3.1% |
| 2020-01-01 | 2.7% | 2.6% | 2.9% |
| 2020-02-01 | 2.9% | 5.2% | 2.8% |
| 2020-03-01 | 6.2% | 11.0% | 3.9% |
| 2020-04-01 | 24.2% | 63.9% | 10.8% |
| 2020-05-01 | 17.4% | -11.0% | 15.8% |
| 2020-06-01 | 8.2% | -13.3% | 16.4% |
| 2020-07-01 | -8.0% | 0.8% | 5.2% |
| 2020-08-01 | -3.2% | 3.7% | -1.3% |
| 2020-09-01 | 2.1% | 1.6% | -3.1% |
| 2020-10-01 | 2.1% | 0.8% | 0.3% |
| 2020-11-01 | 2.2% | 4.1% | 2.1% |
| 2020-12-01 | 5.5% | 11.9% | 3.3% |
| 2021-01-01 | 5.2% | 0.0% | 4.3% |
| 2021-02-01 | 5.6% | 5.3% | 5.5% |
| 2021-03-01 | 1.7% | 0.0% | 4.2% |
| 2021-04-01 | 3.8% | 6.2% | 3.7% |
| 2021-05-01 | 4.5% | 7.4% | 3.3% |
| 2021-06-01 | 6.5% | 6.1% | 4.9% |
| 2021-07-01 | 6.2% | 5.2% | 5.7% |
| 2021-08-01 | 5.4% | 4.8% | 6.0% |
| 2021-09-01 | 5.8% | 7.2% | 5.8% |
| 2021-10-01 | 6.4% | 7.2% | 5.8% |
| 2021-11-01 | 6.1% | 3.9% | 6.1% |
| 2021-12-01 | 6.1% | 7.1% | 6.2% |
| 2022-01-01 | 6.4% | 8.3% | 6.2% |
| 2022-02-01 | 5.1% | 0.0% | 5.9% |
| 2022-03-01 | 5.3% | 7.9% | 5.6% |
| 2022-04-01 | 4.0% | 4.2% | 4.8% |
| 2022-05-01 | 5.5% | 4.6% | 4.9% |
| 2022-06-01 | 4.5% | 4.6% | 4.7% |
| 2022-07-01 | 5.0% | 5.7% | 5.0% |
| 2022-08-01 | 4.7% | 3.8% | 4.7% |
| 2022-09-01 | 4.4% | 3.8% | 4.7% |
| 2022-10-01 | 4.1% | 4.9% | 4.4% |
| 2022-11-01 | 4.6% | 5.3% | 4.4% |
| 2022-12-01 | 4.9% | 4.5% | 4.6% |
| 2023-01-01 | 4.5% | 3.7% | 4.7% |
| 2023-02-01 | 3.8% | 3.3%% | 4.4% |
| 2023-03-01 | 3.5% | 3.3% | 3.9% |
| 2023-04-01 | 4.2% | 5.9% | 3.8% |
Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics public data series
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