Wage growth has decelerated even as unemployment fell: Unemployment rate and annualized 3-month wage growth, 1980–2022
Wage growth | Wage growth | Wage growth | Unemployment rate | Unemployment rate | Unemployment rate | |
---|---|---|---|---|---|---|
2018-01-01 | 2.9% | 4.0% | ||||
2018-02-01 | 3.1% | 4.1% | ||||
2018-03-01 | 3.3% | 4.0% | ||||
2018-04-01 | 2.9% | 4.0% | ||||
2018-05-01 | 2.9% | 3.8% | ||||
2018-06-01 | 2.8% | 4.0% | ||||
2018-07-01 | 3.1% | 3.8% | ||||
2018-08-01 | 3.2% | 3.8% | ||||
2018-09-01 | 3.7% | 3.7% | ||||
2018-10-01 | 3.9% | 3.8% | ||||
2018-11-01 | 3.8% | 3.8% | ||||
2018-12-01 | 3.6% | 3.9% | ||||
2019-01-01 | 3.5% | 4.0% | ||||
2019-02-01 | 3.8% | 3.8% | ||||
2019-03-01 | 3.7% | 3.8% | ||||
2019-04-01 | 3.4% | 3.6% | ||||
2019-05-01 | 2.8% | 3.7% | ||||
2019-06-01 | 2.3% | 3.6% | ||||
2019-07-01 | 2.6% | 3.7% | ||||
2019-08-01 | 3.3% | 3.7% | ||||
2019-09-01 | 3.6% | 3.5% | ||||
2019-10-01 | 3.3% | 3.6% | ||||
2019-11-01 | 3.0% | 3.6% | ||||
2019-12-01 | 3.1% | 3.6% | ||||
2020-01-01 | 3.1% | 3.5% | ||||
2020-02-01 | 3.0% | 3.5% | ||||
2020-03-01 | 3.2% | 3.6% | ||||
2020-04-01 | 3.3% | 3.7% | ||||
2020-05-01 | 3.5% | 3.8% | ||||
2020-06-01 | 3.6% | 3.9% | ||||
2020-07-01 | 3.8% | 4.1% | ||||
2020-08-01 | 3.9% | 4.2% | ||||
2020-09-01 | 4.1% | 4.3% | ||||
2020-10-01 | 4.3% | 4.4% | ||||
2020-11-01 | 4.4% | 4.5% | ||||
2020-12-01 | 4.6% | 4.6% | ||||
2021-01-01 | 4.7% | 4.7% | ||||
2021-02-01 | 4.9% | 4.8% | ||||
2021-03-01 | 5.0% | 5.0% | ||||
2021-04-01 | 5.2% | 5.1% | ||||
2021-05-01 | 5.3% | 5.2% | ||||
2021-06-01 | 5.5% | 5.3% | ||||
2021-07-01 | 5.7% | 5.4% | ||||
2021-08-01 | 6.0% | 5.2% | ||||
2021-09-01 | 5.7% | 4.8% | ||||
2021-10-01 | 5.5% | 4.5% | ||||
2021-11-01 | 5.8% | 4.2% | ||||
2021-12-01 | 6.1% | 3.9% | ||||
2022-01-01 | 6.1% | 4.0% | ||||
2022-02-01 | 5.6% | 3.8% | ||||
2022-03-01 | 5.2% | 3.6% | ||||
2022-04-01 | 4.5% | 3.6% | ||||
2022-05-01 | 4.5% | 3.6% | ||||
2022-06-01 | 4.5% | 3.6% | ||||
2022-07-01 | 4.9% | 3.5% | ||||
2022-08-01 | 4.9% | 3.7% | ||||
2022-09-01 | 5.0% | 3.5% | ||||
2022-10-01 | 4.6% | 3.7% | ||||
2022-11-01 | 4.5% | 3.6% | ||||
2022-12-01 | 4.3% | 3.5% |
Note: The dashed lines smooth out the extreme pandemic swings in both measures to provide a less-distracting look at the patterns of both variables over the most recent 18 months.
Source: Author’s analysis based on data from the Bureau of Labor Statistics.