Figure B
Quarterly wage growth shows no sign of accelerating this year: Annualized quarterly wage changes, alternative measures, 2018–2022
| Quarter | Employment cost index (ECI) | Hourly compensation | Average hourly earnings (all employees) | Average hourly earnings (production and non-supervisory employees) | Composition-adjusted average hourly earnings (all employees) |
|---|---|---|---|---|---|
| 2019-03-01 | 2.7% | 9.3% | 3.7% | 4.0% | 3.7% |
| 2019-06-01 | 3.0% | 0.8% | 2.3% | 2.9% | 2.3% |
| 2019-09-01 | 3.6% | 0.4% | 3.6% | 3.9% | 3.6% |
| 2019-12-01 | 2.6% | 5.2% | 3.1% | 3.2% | 3.1% |
| 2020-03-01 | 4.1% | 8.7% | 4.0% | 4.2% | 3.4% |
| 2020-06-01 | 1.4% | 21.6% | 16.3% | 16.2% | 9.6% |
| 2020-09-01 | 2.3% | -4.7% | -3.0% | -3.1% | 0.1% |
| 2020-12-01 | 3.4% | 10.6% | 3.2% | 3.4% | 3.3% |
| 2021-03-01 | 4.8% | -0.6% | 4.2% | 4.6% | 4.2% |
| 2021-06-01 | 3.6% | 9.2% | 4.7% | 6.4% | 6.0% |
| 2021-09-01 | 6.5% | 6.3% | 5.7% | 7.2% | 6.0% |
| 2021-12-01 | 4.7% | 7.4% | 6.1% | 7.3% | 6.4% |
| 2022-03-01 | 5.2% | 3.2% | 5.1% | 6.0% | 4.9% |
Notes: Our composition-adjusted average hourly earnings for all workers holds constant February 2020 industry mix by weighting by sector-level average weekly hours in the months that follow.
Source: EPI analysis of Bureau of Labor Statistics' (BLS) Current Employment Statistics, Employment Cost Index, and Productivity and Costs public data series.
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