Figure D
Inflation and wage growth
| Price inflation | Wage growth | |
|---|---|---|
| 2000Q1 | 1.6691% | 3.7343% |
| 2000Q2 | 1.6868% | 3.8481% |
| 2000Q3 | 1.8021% | 3.8358% |
| 2000Q4 | 1.8297% | 4.1463% |
| 2001Q1 | 1.8446% | 4.0831% |
| 2001Q2 | 1.9072% | 3.9923% |
| 2001Q3 | 1.7337% | 3.6941% |
| 2001Q4 | 1.7605% | 3.3489% |
| 2002Q1 | 1.4767% | 2.9712% |
| 2002Q2 | 1.6742% | 2.6667% |
| 2002Q3 | 1.9091% | 2.9230% |
| 2002Q4 | 1.7462% | 3.0591% |
| 2003Q1 | 1.7033% | 3.2462% |
| 2003Q2 | 1.4787% | 2.9333% |
| 2003Q3 | 1.3655% | 2.5960% |
| 2003Q4 | 1.3676% | 1.9569% |
| 2004Q1 | 1.6692% | 1.7467% |
| 2004Q2 | 1.9163% | 2.0231% |
| 2004Q3 | 1.9725% | 2.1194% |
| 2004Q4 | 2.0929% | 2.4585% |
| 2005Q1 | 2.1916% | 2.5751% |
| 2005Q2 | 2.1165% | 2.6226% |
| 2005Q3 | 2.0717% | 2.7319% |
| 2005Q4 | 2.2600% | 3.0309% |
| 2006Q1 | 2.1283% | 3.4310% |
| 2006Q2 | 2.2716% | 3.9061% |
| 2006Q3 | 2.3936% | 4.0404% |
| 2006Q4 | 2.1577% | 4.1267% |
| 2007Q1 | 2.3628% | 4.1060% |
| 2007Q2 | 2.0362% | 4.0392% |
| 2007Q3 | 1.9906% | 4.0618% |
| 2007Q4 | 2.2482% | 3.7865% |
| 2008Q1 | 2.1117% | 3.7692% |
| 2008Q2 | 2.2659% | 3.6710% |
| 2008Q3 | 2.2260% | 3.7510% |
| 2008Q4 | 1.6417% | 3.8752% |
| 2009Q1 | 1.1791% | 3.6323% |
| 2009Q2 | 1.1621% | 3.1146% |
| 2009Q3 | 0.9904% | 2.7161% |
| 2009Q4 | 1.4156% | 2.6388% |
| 2010Q1 | 1.5539% | 2.4932% |
| 2010Q2 | 1.3290% | 2.4811% |
| 2010Q3 | 1.2923% | 2.3227% |
| 2010Q4 | 0.9707% | 2.2340% |
| 2011Q1 | 1.0544% | 2.0977% |
| 2011Q2 | 1.3995% | 2.0702% |
| 2011Q3 | 1.6613% | 2.0779% |
| 2011Q4 | 1.8617% | 1.8037% |
| 2012Q1 | 2.0858% | 1.5193% |
| 2012Q2 | 1.9456% | 1.5469% |
| 2012Q3 | 1.7476% | 1.3514% |
| 2012Q4 | 1.7784% | 1.4310% |
| 2013Q1 | 1.6282% | 1.9388% |
| 2013Q2 | 1.4418% | 1.9127% |
| 2013Q3 | 1.4803% | 2.1772% |
| 2013Q4 | 1.4910% | 2.3010% |
| 2014Q1 | 1.4830% | 2.3857% |
| 2014Q2 | 1.7088% | 2.3916% |
| 2014Q3 | 1.7311% | 2.3621% |
| 2014Q4 | 1.5655% | 2.1343% |
| 2015Q1 | 1.4372% | 1.8739% |
| 2015Q2 | 1.3669% | 2.0438% |
| 2015Q3 | 1.3499% | 2.0817% |
| 2015Q4 | 1.3691% | 2.3308% |
| 2016Q1 | 1.6059% | 2.4472% |
| 2016Q2 | 1.6136% | 2.4797% |
| 2016Q3 | 1.6908% | 2.5767% |
| 2016Q4 | 1.7221% | 2.1363% |
Source: Author’s analysis of data from the Bureau of Labor Statistics (BLS) and the Bureau of Economic Analysis (BEA). Inflation is the four-quarter change in the price index for core personal consumption expenditures from the BEA. Wage growth is the four-quarter change in average hourly earnings of production and nonsupervisory workers from the Current Employment Statistics program of the BLS.
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