Young workers experienced historically fast wage growth in the pandemic business cycle: Real wage changes for young workers and workers ages 25 and older, five years from prior peak, in current and last four business cycles
| Young workers, 16–24 | Workers 25+ | |
|---|---|---|
| Jan 1980–Feb 1985 | -11.8% | -0.2% |
| Jul 1990–Aug 1995 | -4.9% | 1.3% |
| Mar 2001–Apr 2006 | -0.8% | 4.4% |
| Dec 2007–Jan 2013 | -5.3% | 1.6% |
| Feb 2020–Mar 2025 | 9.1% | 5.4% |
Notes: Each month represents a 12-month moving average leading up to that month; for instance, March 2025 represents the average value from April 2024 to March 2025.
Source: EPI analysis of the Current Population Survey Outgoing Rotation Group microdata, EPI Current Population Survey Extracts, Version 1.0.62 (2025), https://microdata.epi.org.