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%
ChartData Download data

The data below can be saved or copied directly into Excel.

Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics and Consumer Price Index public data series.

Copy the code below to embed this chart on your website.

Previous chart: «

Next chart: »