Wage growth looks set to normalize even with low unemployment: Quarterly wage growth (at an annualized rate) and unemployment
| Earnings | Unemployment rate | |
|---|---|---|
| Jan 2019 | 1.8% | 4.0% |
| Feb 2019 | 4.4% | 3.8% |
| Mar 2019 | 3.5% | 3.8% |
| Apr 2019 | 2.7% | 3.6% |
| May 2019 | 2.2% | 3.6% |
| Jun 2019 | 2.1% | 3.6% |
| Jul 2019 | 3.6% | 3.7% |
| Aug 2019 | 4.1% | 3.7% |
| Sep 2019 | 3.1% | 3.5% |
| Oct 2019 | 2.9% | 3.6% |
| Nov 2019 | 3.2% | 3.6% |
| Dec 2019 | 3.2% | 3.6% |
| Jan 2020 | 3.5% | |
| Feb 2020 | 3.5% | |
| Mar 2020 | 4.4% | |
| Apr 2020 | 14.7% | |
| May 2020 | 13.2% | |
| Jun 2020 | 11.0% | |
| Jul 2020 | 10.2% | |
| Aug 2020 | 2.9% | 8.4% |
| Sep 2020 | 2.1% | 7.9% |
| Oct 2020 | 1.6% | 6.9% |
| Nov 2020 | 2.3% | 6.7% |
| Dec 2020 | 5.8% | 6.7% |
| Jan 2021 | 5.6% | 6.4% |
| Feb 2021 | 5.5% | 6.2% |
| Mar 2021 | 1.9% | 6.0% |
| Apr 2021 | 3.7% | 6.0% |
| May 2021 | 4.4% | 5.8% |
| Jun 2021 | 6.3% | 5.9% |
| Jul 2021 | 6.4% | 5.4% |
| Aug 2021 | 5.4% | 5.2% |
| Sep 2021 | 5.4% | 4.7% |
| Oct 2021 | 5.9% | 4.6% |
| Nov 2021 | 6.3% | 4.2% |
| Dec 2021 | 6.1% | 3.9% |
| Jan 2022 | 5.9% | 4.0% |
| Feb 2022 | 4.9% | 3.8% |
| Mar 2022 | 4.8% | 3.6% |
| Apr 2022 | 3.9% | 3.6% |
| May 2022 | 4.9% | 3.6% |
| Jun 2022 | 4.6% | 3.6% |
| Jul 2022 | 5.2% | 3.5% |
| Aug 2022 | 4.8% | 3.7% |
| Sep 2022 | 4.4% | 3.5% |
Sources: Bureau of Labor Statistics (BLS) Current Employment Statistics (CES) and Current Population Survey (CPS).