Young workers experienced stronger-than-usual wage growth in the pandemic business cycle: Real wage changes for young workers and workers ages 25 and older, three years from prior peak, in current and last four business cycles
| Young workers, 16-24 | Workers 25+ | |
|---|---|---|
| Jan 1980 – Feb 1983 |
-8.5% | -1.4% |
| Jul 1990 – Aug 1993 |
-4.4% | -0.2% |
| Mar 2001 – Apr 2004 |
0.6% | 3.6% |
| Dec 2007 – Jan 2011 |
-1.2% | 1.9% |
| Feb 2020 – Mar 2023 |
5.9% | 4.7% |
Notes: Each month represents a 12-month moving average leading up to that month; for instance, March 2023 represents the average value from April 2022 to March 2023.
Source: EPI analysis of the Current Population Survey Outgoing Rotation Group microdata, EPI Current Population Survey Extracts, Version 1.0.40 (2023), https://microdata.epi.org.