Average real wages rise for 12 straight months as prices decelerate faster than nominal wage growth: Year-over-year changes in nominal wages, inflation, and real (inflation-adjusted) wages, 2019 to 2024

date Nominal wage growth Real wage growth Inflation
2019-01-01 3.2% 1.6% 1.6%
2019-02-01 3.6% 2.0% 1.5%
2019-03-01 3.5% 1.6% 1.9%
2019-04-01 3.2% 1.2% 2.0%
2019-05-01 3.3% 1.4% 1.8%
2019-06-01 3.4% 1.7% 1.6%
2019-07-01 3.4% 1.6% 1.8%
2019-08-01 3.4% 1.6% 1.7%
2019-09-01 3.1% 1.4% 1.7%
2019-10-01 3.1% 1.4% 1.8%
2019-11-01 3.3% 1.2% 2.1%
2019-12-01 3.0% 0.7% 2.3%
2020-01-01 3.1% 0.6% 2.5%
2020-02-01 3.0% 0.7% 2.3%
2020-03-01 3.5% 1.9% 1.5%
2020-04-01 8.0% 7.7% 0.3%
2020-05-01 6.7% 6.6% 0.1%
2020-06-01 5.1% 4.4% 0.6%
2020-07-01 4.9% 3.8% 1.0%
2020-08-01 4.8% 3.4% 1.3%
2020-09-01 4.8% 3.3% 1.4%
2020-10-01 4.6% 3.4% 1.2%
2020-11-01 4.5% 3.3% 1.2%
2020-12-01 5.4% 4.0% 1.4%
2021-01-01 5.2% 3.8% 1.4%
2021-02-01 5.3% 3.6% 1.7%
2021-03-01 4.5% 1.8% 2.6%
2021-04-01 0.7% -3.4% 4.2%
2021-05-01 2.3% -2.6% 5.0%
2021-06-01 3.9% -1.4% 5.4%
2021-07-01 4.3% -1.0% 5.4%
2021-08-01 4.4% -0.8% 5.3%
2021-09-01 4.9% -0.5% 5.4%
2021-10-01 5.5% -0.7% 6.2%
2021-11-01 5.4% -1.3% 6.8%
2021-12-01 5.0% -1.9% 7.0%
2022-01-01 5.7% -1.7% 7.5%
2022-02-01 5.3% -2.4% 7.9%
2022-03-01 5.9% -2.4% 8.5%
2022-04-01 5.8% -2.3% 8.3%
2022-05-01 5.6% -2.8% 8.6%
2022-06-01 5.4% -3.3% 9.1%
2022-07-01 5.5% -2.8% 8.5%
2022-08-01 5.4% -2.6% 8.3%
2022-09-01 5.1% -2.8% 8.2%
2022-10-01 5.0% -2.6% 7.7%
2022-11-01 5.1% -1.9% 7.1%
2022-12-01 4.9% -1.5% 6.5%
2023-01-01 4.6% -1.7% 6.4%
2023-02-01 4.7% -1.2% 6.0%
2023-03-01 4.6% -0.4% 5.0%
2023-04-01 4.7% -0.3% 4.9%
2023-05-01 4.6% 0.5% 4.0%
2023-06-01 4.7% 1.6% 3.0%
2023-07-01 4.7% 1.4% 3.2%
2023-08-01 4.5% 0.8% 3.7%
2023-09-01 4.5% 0.8% 3.7%
2023-10-01 4.3% 1.0% 3.2%
2023-11-01 4.3% 1.1% 3.1%
2023-12-01 4.3% 0.9% 3.4%
2024-01-01 4.4% 1.2% 3.1%
2024-02-01 4.3% 1.1% 3.2%
2024-03-01 4.1% 0.6% 3.5%
2024-04-01 3.9% 0.5% 3.4%

Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics and Consumer Price Index public data series.

View the underlying data on epi.org.