Wage growth is slow regardless of which deflator is used: Cumulative change in real median hourly wages of all workers, by deflator, 1979–2019
| Year | Median using CPI-U-RS | Median using PCE |
|---|---|---|
| 1979 | 0.0% | 0.0% |
| 1980 | -0.6% | -0.3% |
| 1981 | -1.7% | -0.9% |
| 1982 | -2.1% | -0.8% |
| 1983 | -1.9% | -0.6% |
| 1984 | -1.4% | 0.3% |
| 1985 | 0.1% | 1.7% |
| 1986 | 0.8% | 2.0% |
| 1987 | 1.9% | 3.5% |
| 1988 | 0.5% | 1.8% |
| 1989 | 0.3% | 1.6% |
| 1990 | 0.2% | 2.0% |
| 1991 | -0.6% | 1.4% |
| 1992 | 0.4% | 2.3% |
| 1993 | 1.9% | 3.9% |
| 1994 | 0.8% | 2.7% |
| 1995 | -0.6% | 1.6% |
| 1996 | -2.3% | 0.5% |
| 1997 | -0.3% | 2.9% |
| 1998 | 3.3% | 7.2% |
| 1999 | 5.9% | 10.6% |
| 2000 | 6.5% | 12.2% |
| 2001 | 8.2% | 15.0% |
| 2002 | 9.8% | 17.1% |
| 2003 | 9.9% | 17.5% |
| 2004 | 11.1% | 19.1% |
| 2005 | 9.5% | 17.9% |
| 2006 | 9.9% | 19.0% |
| 2007 | 10.1% | 19.5% |
| 2008 | 9.3% | 19.6% |
| 2009 | 11.7% | 21.9% |
| 2010 | 11.0% | 21.1% |
| 2011 | 8.2% | 18.8% |
| 2012 | 6.9% | 17.6% |
| 2013 | 7.4% | 18.3% |
| 2014 | 7.5% | 18.6% |
| 2015 | 9.3% | 20.6% |
| 2016 | 11.2% | 23.0% |
| 2017 | 12.2% | 24.6% |
| 2018 | 14.0% | 27.1% |
| 2019 | 15.1% (0.4%) | 28.8% (0.7%) |
Notes: Shaded areas denote recessions. The annualized percent change since 1979 is in parentheses. The deflators used are the Consumer Price Index for all Urban Consumers, research series using current methods (CPI-U-RS), and the personal consumption expenditures (PCE) price index.
Source: Author’s analysis of EPI Current Population Survey Extracts, Version 1.0 (2020), https://microdata.epi.org, and Bureau of Economic Analysis National Income and Product Accounts (Table 2.3.4)