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 2024
| date | Nominal wage growth | Real wage growth | Inflation |
|---|---|---|---|
| 2019-01-01 | 3.2% | 1.6% | 1.6% |
| 2019-02-01 | 3.6% | 2.0% | 1.5% |
| 2019-03-01 | 3.5% | 1.6% | 1.9% |
| 2019-04-01 | 3.2% | 1.2% | 2.0% |
| 2019-05-01 | 3.3% | 1.4% | 1.8% |
| 2019-06-01 | 3.4% | 1.7% | 1.6% |
| 2019-07-01 | 3.4% | 1.6% | 1.8% |
| 2019-08-01 | 3.4% | 1.6% | 1.7% |
| 2019-09-01 | 3.1% | 1.4% | 1.7% |
| 2019-10-01 | 3.1% | 1.4% | 1.8% |
| 2019-11-01 | 3.3% | 1.2% | 2.1% |
| 2019-12-01 | 3.0% | 0.7% | 2.3% |
| 2020-01-01 | 3.1% | 0.6% | 2.5% |
| 2020-02-01 | 3.0% | 0.7% | 2.3% |
| 2020-03-01 | 3.5% | 1.9% | 1.5% |
| 2020-04-01 | 8.0% | 7.7% | 0.3% |
| 2020-05-01 | 6.7% | 6.6% | 0.1% |
| 2020-06-01 | 5.1% | 4.4% | 0.6% |
| 2020-07-01 | 4.9% | 3.8% | 1.0% |
| 2020-08-01 | 4.8% | 3.4% | 1.3% |
| 2020-09-01 | 4.8% | 3.3% | 1.4% |
| 2020-10-01 | 4.6% | 3.4% | 1.2% |
| 2020-11-01 | 4.5% | 3.3% | 1.2% |
| 2020-12-01 | 5.4% | 4.0% | 1.4% |
| 2021-01-01 | 5.2% | 3.8% | 1.4% |
| 2021-02-01 | 5.3% | 3.6% | 1.7% |
| 2021-03-01 | 4.5% | 1.8% | 2.6% |
| 2021-04-01 | 0.7% | -3.4% | 4.2% |
| 2021-05-01 | 2.3% | -2.6% | 5.0% |
| 2021-06-01 | 3.9% | -1.4% | 5.4% |
| 2021-07-01 | 4.3% | -1.0% | 5.4% |
| 2021-08-01 | 4.4% | -0.8% | 5.3% |
| 2021-09-01 | 4.9% | -0.5% | 5.4% |
| 2021-10-01 | 5.5% | -0.7% | 6.2% |
| 2021-11-01 | 5.4% | -1.3% | 6.8% |
| 2021-12-01 | 5.0% | -1.9% | 7.0% |
| 2022-01-01 | 5.7% | -1.7% | 7.5% |
| 2022-02-01 | 5.3% | -2.4% | 7.9% |
| 2022-03-01 | 5.9% | -2.4% | 8.5% |
| 2022-04-01 | 5.8% | -2.3% | 8.3% |
| 2022-05-01 | 5.6% | -2.8% | 8.6% |
| 2022-06-01 | 5.4% | -3.3% | 9.1% |
| 2022-07-01 | 5.5% | -2.8% | 8.5% |
| 2022-08-01 | 5.4% | -2.6% | 8.3% |
| 2022-09-01 | 5.1% | -2.8% | 8.2% |
| 2022-10-01 | 5.0% | -2.6% | 7.7% |
| 2022-11-01 | 5.1% | -1.9% | 7.1% |
| 2022-12-01 | 4.9% | -1.5% | 6.5% |
| 2023-01-01 | 4.6% | -1.7% | 6.4% |
| 2023-02-01 | 4.7% | -1.2% | 6.0% |
| 2023-03-01 | 4.6% | -0.4% | 5.0% |
| 2023-04-01 | 4.7% | -0.3% | 4.9% |
| 2023-05-01 | 4.6% | 0.5% | 4.0% |
| 2023-06-01 | 4.7% | 1.6% | 3.0% |
| 2023-07-01 | 4.7% | 1.4% | 3.2% |
| 2023-08-01 | 4.5% | 0.8% | 3.7% |
| 2023-09-01 | 4.5% | 0.8% | 3.7% |
| 2023-10-01 | 4.3% | 1.0% | 3.2% |
| 2023-11-01 | 4.3% | 1.1% | 3.1% |
| 2023-12-01 | 4.3% | 0.9% | 3.4% |
| 2024-01-01 | 4.4% | 1.2% | 3.1% |
| 2024-02-01 | 4.3% | 1.1% | 3.2% |
| 2024-03-01 | 4.1% | 0.6% | 3.5% |
| 2024-04-01 | 3.9% |
Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics and Consumer Price Index public data series.
This chart appears in:
- 2022 Census data preview: Poverty rates expected to increase as high inflation and the loss of safety net programs overshadow labor market improvements
- Jobs and unemployment
- Fastest wage growth over the last four years among historically disadvantaged groups: Low-wage workers’ wages surged after decades of slow growth
Previous chart: « Union erosion was major cause of wage suppression in recent decades: Real median wages (in 2020$), actual and without effect of eroded unionization, 1979–2017