Figure
Nominal wage growth decelerating by all measures: Nominal wage growth in average hourly earnings for all workers, year-over-year change, three-month change annualized, one-month change annualized
| Date | Year-over-year change | Three-month change, annualized | One-month change, annualized |
|---|---|---|---|
| Jan-2019 | 3.22% | 3.41% | 1.31% |
| Feb-2019 | 3.55% | 3.84% | 4.89% |
| Mar-2019 | 3.46% | 3.38% | 3.97% |
| Apr-2019 | 3.12% | 2.49% | -1.29% |
| May-2019 | 3.26% | 2.33% | 4.41% |
| Jun-2019 | 3.37% | 2.18% | 3.50% |
| Jul-2019 | 3.43% | 3.80% | 3.49% |
| Aug-2019 | 3.42% | 3.93% | 4.81% |
| Sep-2019 | 3.11% | 3.33% | 1.72% |
| Oct-2019 | 3.22% | 3.18% | 3.02% |
| Nov-2019 | 3.32% | 3.17% | 4.78% |
| Dec-2019 | 2.94% | 2.87% | 0.85% |
| Jan-2020 | 3.04% | 2.72% | 2.57% |
| Feb-2020 | 3.07% | 2.85% | 5.18% |
| Mar-2020 | 3.63% | 6.20% | 11.03% |
| Apr-2020 | 8.11% | 24.15% | 63.86% |
| May-2020 | 6.68% | 17.43% | -11.00% |
| Jun-2020 | 5.12% | 8.15% | -13.25% |
| Jul-2020 | 4.89% | -8.01% | 0.82% |
| Aug-2020 | 4.80% | -3.19% | 3.74% |
| Sep-2020 | 4.79% | 2.06% | 1.64% |
| Oct-2020 | 4.60% | 2.06% | 0.82% |
| Nov-2020 | 4.55% | 2.19% | 4.14% |
| Dec-2020 | 5.46% | 5.53% | 11.94% |
| Jan-2021 | 5.24% | 5.25% | 0.00% |
| Feb-2021 | 5.25% | 5.65% | 5.34% |
| Mar-2021 | 4.34% | 1.75% | 0.00% |
| Apr-2021 | 0.63% | 3.80% | 6.16% |
| May-2021 | 2.22% | 4.47% | 7.39% |
| Jun-2021 | 3.95% | 6.54% | 6.09% |
| Jul-2021 | 4.32% | 6.23% | 5.23% |
| Aug-2021 | 4.41% | 5.37% | 4.80% |
| Sep-2021 | 4.88% | 5.75% | 7.25% |
| Oct-2021 | 5.42% | 6.41% | 7.20% |
| Nov-2021 | 5.40% | 6.11% | 3.92% |
| Dec-2021 | 5.01% | 6.08% | 7.14% |
| Jan-2022 | 5.72% | 6.44% | 8.32% |
| Feb-2022 | 5.26% | 5.09% | 0.00% |
| Mar-2022 | 5.92% | 5.32% | 7.86% |
| Apr-2022 | 5.76% | 3.98% | 4.23% |
| May-2022 | 5.53% | 5.55% | 4.60% |
| Jun-2022 | 5.40% | 4.47% | 4.59% |
| Jul-2022 | 5.45% | 4.97% | 5.74% |
| Aug-2022 | 5.36% | 4.70% | 3.78% |
| Sep-2022 | 5.07% | 4.42% | 3.76% |
| Oct-2022 | 4.88% | 4.15% | 4.90% |
| Nov-2022 | 4.99% | 4.64% | 5.27% |
| Dec-2022 | 4.81% | 5.01% | 4.86% |
| Jan-2023 | 4.43% | 4.61% | 3.71% |
Source: Bureau of Labor Statistics' (BLS) Current Employment Statistics, Establishment Survey (CES) public data series.