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.

View the underlying data on epi.org.