Low-wage workers have experienced stronger-than-usual wage growth over the pandemic business cycle: Real wage changes at the 10th percentile and 50th percentile, five years from prior peak, in current and last four business cycles, 1979–2024
| Business cycle | 10th percentile | 50th percentile |
|---|---|---|
| 1979–1984 | -14.9% | -1.4% |
| 1989–1994 | 2.2% | -0.7% |
| 2001–2006 | -0.3% | 2.8% |
| 2007–2012 | -2.1% | -1.5% |
| 2019–2024 | 15.3% | 5.8% |
Note: Because there was a double-dip recession in the early 1980s, we tested the robustness of our results using different business cycles dates and found that our initial results still hold.
Source: EPI analysis of the Current Population Survey Outgoing Rotation Group microdata, EPI Current Population Survey Extracts, Version 1.0.61 (2025a), https://microdata.epi.org.