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.

View the underlying data on epi.org.