Figure D
Real wages rise as prices decelerate faster than nominal wage growth: Year-over-year changes in nominal wages, inflation, and real (inflation-adjusted) wages, 2019 to 2023
| Nominal wage growth | Inflation | Real wage growth | |
|---|---|---|---|
| Jan-2019 | 3.2% | 1.6% | 1.6% |
| Feb-2019 | 3.6% | 1.5% | 2.0% |
| Mar-2019 | 3.5% | 1.8% | 1.6% |
| Apr-2019 | 3.1% | 2.0% | 1.1% |
| May-2019 | 3.3% | 1.8% | 1.4% |
| Jun-2019 | 3.4% | 1.7% | 1.7% |
| Jul-2019 | 3.4% | 1.8% | 1.6% |
| Aug-2019 | 3.4% | 1.7% | 1.7% |
| Sep-2019 | 3.1% | 1.7% | 1.4% |
| Oct-2019 | 3.2% | 1.8% | 1.4% |
| Nov-2019 | 3.3% | 2.0% | 1.2% |
| Dec-2019 | 2.9% | 2.3% | 0.6% |
| Jan-2020 | 3.0% | 2.5% | 0.5% |
| Feb-2020 | 3.1% | 2.3% | 0.7% |
| Mar-2020 | 3.6% | 1.6% | 2.0% |
| Apr-2020 | 8.1% | 0.4% | 7.6% |
| May-2020 | 6.7% | 0.2% | 6.4% |
| Jun-2020 | 5.1% | 0.8% | 4.3% |
| Jul-2020 | 4.9% | 1.1% | 3.8% |
| Aug-2020 | 4.8% | 1.5% | 3.3% |
| Sep-2020 | 4.8% | 1.5% | 3.3% |
| Oct-2020 | 4.6% | 1.3% | 3.3% |
| Nov-2020 | 4.6% | 1.2% | 3.3% |
| Dec-2020 | 5.5% | 1.4% | 4.0% |
| Jan-2021 | 5.2% | 1.5% | 3.7% |
| Feb-2021 | 5.3% | 1.8% | 3.4% |
| Mar-2021 | 4.3% | 2.8% | 1.5% |
| Apr-2021 | 0.6% | 4.2% | -3.4% |
| May-2021 | 2.2% | 5.2% | -2.8% |
| Jun-2021 | 3.9% | 5.5% | -1.5% |
| Jul-2021 | 4.3% | 5.5% | -1.1% |
| Aug-2021 | 4.4% | 5.4% | -0.9% |
| Sep-2021 | 4.9% | 5.5% | -0.6% |
| Oct-2021 | 5.4% | 6.4% | -0.9% |
| Nov-2021 | 5.4% | 6.9% | -1.4% |
| Dec-2021 | 5.0% | 7.3% | -2.2% |
| Jan-2022 | 5.7% | 7.7% | -1.8% |
| Feb-2022 | 5.3% | 8.0% | -2.6% |
| Mar-2022 | 5.9% | 8.6% | -2.5% |
| Apr-2022 | 5.8% | 8.3% | -2.4% |
| May-2022 | 5.5% | 8.5% | -2.7% |
| Jun-2022 | 5.4% | 8.9% | -3.2% |
| Jul-2022 | 5.4% | 8.2% | -2.6% |
| Aug-2022 | 5.4% | 8.2% | -2.6% |
| Sep-2022 | 5.1% | 8.3% | -3.0% |
| Oct-2022 | 4.9% | 7.8% | -2.7% |
| Nov-2022 | 5.0% | 7.2% | -2.0% |
| Dec-2022 | 4.8% | 6.4% | -1.6% |
| Jan-2023 | 4.4% | 6.3% | -1.8% |
| Feb-2023 | 4.7% | 6.0% | -1.2% |
| Mar-2023 | 4.3% | 5.0% | -0.7% |
| Apr-2023 | 4.4% | 5.0% | -0.5% |
| May-2023 | 4.3% | 4.1% | 0.2% |
| Jun-2023 | 4.4% | 3.1% | 1.3% |
| Jul-2023 | 4.4% | 3.3% | 1.0% |
| Aug-2023 | 4.3% |
Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics and Consumer Price Index public data series.
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