Nominal wage growth continues to show signs of deceleration: Nominal wage growth in average hourly earnings for all workers, year-over-year monthly, annualized quarterly, and annualized three-month changes
| Year-over-year change | Annualized quarterly change | Annualized three-month change | |
|---|---|---|---|
| Jan-2019 | 3.3% | 3.5% | 3.6% |
| Feb-2019 | 3.6% | 3.8% | 4.0% |
| Mar-2019 | 3.5% | 3.7% | 3.5% |
| Apr-2019 | 3.3% | 3.4% | 2.6% |
| May-2019 | 3.3% | 2.8% | 2.2% |
| Jun-2019 | 3.4% | 2.3% | 2.0% |
| Jul-2019 | 3.4% | 2.6% | 3.6% |
| Aug-2019 | 3.4% | 3.3% | 4.1% |
| Sep-2019 | 3.1% | 3.6% | 3.0% |
| Oct-2019 | 3.2% | 3.3% | 2.9% |
| Nov-2019 | 3.4% | 3.0% | 3.2% |
| Dec-2019 | 2.9% | 3.1% | 3.2% |
| Jan-2020 | 3.0% | 3.1% | 2.9% |
| Feb-2020 | 3.1% | 3.0% | 3.0% |
| Mar-2020 | 3.6% | 4.0% | 6.1% |
| Apr-2020 | 8.0% | 10.8% | 24.2% |
| May-2020 | 6.7% | 15.6% | 17.1% |
| Jun-2020 | 5.1% | 16.3% | 8.2% |
| Jul-2020 | 4.9% | 5.2% | -7.8% |
| Aug-2020 | 4.8% | -1.2% | -3.1% |
| Sep-2020 | 4.8% | -3.0% | 2.1% |
| Oct-2020 | 4.6% | 0.2% | 1.6% |
| Nov-2020 | 4.6% | 2.0% | 2.3% |
| Dec-2020 | 5.5% | 3.2% | 5.7% |
| Jan-2021 | 5.3% | 4.5% | 5.5% |
| Feb-2021 | 5.2% | 5.5% | 5.4% |
| Mar-2021 | 4.4% | 4.2% | 1.9% |
| Apr-2021 | 0.6% | 3.6% | 3.7% |
| May-2021 | 2.2% | 3.3% | 4.3% |
| Jun-2021 | 4.0% | 4.7% | 6.3% |
| Jul-2021 | 4.3% | 5.7% | 6.4% |
| Aug-2021 | 4.3% | 6.0% | 5.4% |
| Sep-2021 | 4.8% | 5.7% | 5.3% |
| Oct-2021 | 5.4% | 5.5% | 5.9% |
| Nov-2021 | 5.3% | 5.8% | 6.3% |
| Dec-2021 | 4.9% | 6.1% | 6.1% |
| Jan-2022 | 5.4% | 6.1% | 5.9% |
| Feb-2022 | 5.2% | 5.6% | 4.8% |
| Mar-2022 | 5.6% | 5.2% | 4.8% |
| Apr-2022 | 5.5% | 4.5% | 3.9% |
| May-2022 | 5.3% | 4.5% | 4.9% |
| Jun-2022 | 5.2% | 4.5% | 4.6% |
| Jul-2022 | 5.2% | 4.9% | 5.2% |
| Aug-2022 | 5.2% | 4.9% | 4.8% |
| Sep-2022 | 5.2% | 5.0% | 4.8% |
| Oct-2022 | 4.9% | 4.8% | 4.7% |
| Nov-2022 | 5.1% | 5.1% | 5.8% |
Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics public data series