The Politics of Health Policy

Johns Hopkins University Bloomberg School of Public Health

WEEK 5: The Political and Economic Determinants of Health & Social Policies, Part II: Debates on Income Inequality and Social Cohesion – Employment, Income and Health in the U.S.
February 19, 2016

Elise Gould
Senior Economist
Economic Policy Institute

Economic Inequality

Incomes
Wealth
Health
Mobility
Poverty

Growing economic inequality is rooted in wage inequality

Wage trends
Gender and racial wage gaps
Wages by educational attainment
Health and pension coverage

Why did this happen? What can we do about this?

CEO pay
Labor standards (e.g. minimum wage, overtime)
Unions
Prioritize full employment (e.g. Federal Reserve policy)

What can happen if we do raise wages?

EPI wage calculator
Closing gender and inequality wage gaps
Reduce poverty
Increase incomes

Average annual family income growth, by income group, 1947–2012

	1947–1979	1979–2007	2007–2012
Bottom fifth	2.5%	0.0%	-2.7%
Second fifth	2.2%	0.4%	-2.1%
Middle fifth	2.4%	0.6%	-1.7%
Fourth fifth	2.4%	0.9%	-1.3%
Top fifth	2.2%	1.5%	-0.4%
Top 5 percent	1.9%	2.0%	0.1%

ChartData Download data

Note: Data are for money income.

Source: EPI analysis of Current Population Survey Annual Social and Economic Supplement Historical Income Tables (Table F-3)

Updated from: Figure 2C in The State of Working America, 12th Edition (Mishel et al. 2012), an Economic Policy Institute book published by Cornell University Press in 2012

Change in real annual household income, by income group, 1979–2011

	Bottom 90 percent	91st–99th percentile	Top 1 percent
Jul-1979	0.0%	0.0%	0.0%
Jul-1980	-3.0%	-3.0%	-4.8%
Jul-1981	-3.2%	-3.8%	-5.3%
Jul-1982	-4.2%	-4.5%	-0.8%
Jul-1983	-4.9%	-1.8%	8.8%
Jul-1984	-0.5%	5.7%	20.1%
Jul-1985	0.1%	6.3%	28.4%
Jul-1986	3.4%	14.5%	68.4%
Jul-1987	3.6%	14.5%	36.0%
Jul-1988	5.3%	17.8%	70.6%
Jul-1989	7.0%	20.1%	59.1%
Jul-1990	7.0%	16.6%	52.8%
Jul-1991	5.7%	14.7%	36.7%
Jul-1992	6.8%	18.1%	55.1%
Jul-1993	8.1%	18.7%	49.1%
Jul-1994	9.3%	20.8%	53.5%
Jul-1995	12.2%	25.9%	70.6%
Jul-1996	13.6%	30.3%	87.6%
Jul-1997	15.8%	36.4%	115.4%
Jul-1998	19.5%	42.1%	143.0%
Jul-1999	22.5%	48.1%	163.3%
Jul-2000	22.0%	51.7%	186.7%
Jul-2001	21.9%	43.3%	126.7%
Jul-2002	19.1%	39.3%	100.5%
Jul-2003	19.5%	42.5%	112.6%
Jul-2004	23.3%	49.2%	153.3%
Jul-2005	25.3%	57.4%	205.3%
Jul-2006	27.6%	61.6%	229.0%
Jul-2007	30.0%	66.2%	244.4%
Jul-2008	25.4%	55.1%	178.5%
Jul-2009	24.6%	48.5%	118.6%
Jul-2010	24.8%	52.6%	153.6%
Jul-2011	23.3%	53.2%	149.1%

ChartData Download data

Note: Data are for comprehensive income. Shaded areas denote recessions.

Source: Authors' analysis of data from the Congressional Budget Office (2014)

Share of total wealth growth accruing to various wealth groups, 1983–2010


Bottom fifth	-2.6%
Second fifth	-1.3%
Middle fifth	-1.5%
Fourth fifth	4.3%
80–90%	10.9%
90–95%	16.0%
95–99%	35.9%
Top 1%	38.3%

ChartData Download data

Source: Authors' analysis of Wolff (2012)

Median household wealth (for families with wealth greater than zero) and share of households with zero or negative net wealth , by race and ethnicity, 1989–2013 (2013 dollars)

	Share of zero or negative net wealth	Median household wealth
White, non Hispanic	16.6%	$134,230
Black	40.5%	$11,030
Hispanic	34.1%	$13,730

ChartData Download data

Source: EPI analysis of Survey of Consumer Finances Combined Extract Data

Life expectancy for male Social Security-covered workers (age 60) by earnings group, 1972–2001

	1972	2001
Bottom half of earnings distribution	77.7	79.6
Top half of earnings distribution	78.9	85.4

ChartData Download data

Source: EPI analysis of Waldron (2007).

Life expectancy, by year of birth, gender, and wealth decile

Source: Brookings Institution; U. of Michigan Health and Retirement Study

By: The New York Times

Intergenerational mobility and income inequality in 22 countries

Country	Intergenerational earnings elasticity	Gini coefficient
Argentina	0.49	0.458
Australia	0.26	0.352
Brazil	0.58	0.539
Canada	0.19	0.326
Chile	0.52	0.523
China	0.6	0.415
Denmark	0.15	0.247
Finland	0.18	0.269
France	0.41	0.327
Germany	0.32	0.283
Italy	0.5	0.36
Japan	0.34	0.249
New Zealand	0.29	0.362
Norway	0.17	0.258
Pakistan	0.46	0.327
Peru	0.67	0.48
Singapore	0.44	0.425
Spain	0.4	0.347
Sweden	0.27	0.25
Switzerland	0.46	0.337
United Kingdom	0.5	0.36
United States	0.47	0.408

ChartData Download data

Note: The higher the Gini coefficient, the higher the inequality. The higher the intergenerational earnings elasticity, the lower the extent of mobility.

Source: Authors' adaptation of Corak (2012, Figure 2)

Probability that sons of fathers in the bottom 20 percent of the earnings distribution end up in the bottom or top 40 percent as adults, by country

	Low-earning father, son in bottom 40 percent	Low-earning father, son in top 40 percent
United States	66.7%	18.1%
United Kingdom	53.8%	29.6%
Norway	51.6%	27.8%
Finland	51.2%	28.5%
Sweden	50.1%	28.5%
Denmark	47.3%	33.3%

ChartData Download data

Source: Authors' analysis of Jantti et al. (2006)

Poverty rate, actual and simulated, 1959–2013

	Simulated poverty rate*	Actual poverty rate
1959-01-01	22.0%	22.4%
1960-01-01	21.9%	22.2%
1961-01-01	21.8%	21.9%
1962-01-01	20.6%	21.0%
1963-01-01	19.8%	19.5%
1964-01-01	18.6%	19.0%
1965-01-01	17.1%	17.3%
1966-01-01	15.4%	14.7%
1967-01-01	14.9%	14.2%
1968-01-01	13.7%	12.8%
1969-01-01	13.0%	12.1%
1970-01-01	13.3%	12.6%
1971-01-01	12.6%	12.5%
1972-01-01	11.1%	11.9%
1973-01-01	9.4%	11.1%
1974-01-01	9.9%	11.2%
1975-01-01	10.4%	12.3%
1976-01-01	8.7%	11.8%
1977-01-01	7.3%	11.6%
1978-01-01	5.5%	11.4%
1979-01-01	4.7%	11.7%
1980-01-01	5.3%	13.0%
1981-01-01	4.6%	14.0%
1982-01-01	5.9%	15.0%
1983-01-01	4.3%	15.2%
1984-01-01	1.6%	14.4%
1985-01-01	0.1%	14.0%
1986-01-01	-1.1%	13.6%
1987-01-01		13.4%
1988-01-01		13.0%
1989-01-01		12.8%
1990-01-01		13.5%
1991-01-01		14.2%
1992-01-01		14.8%
1993-01-01		15.1%
1994-01-01		14.5%
1995-01-01		13.8%
1996-01-01		13.7%
1997-01-01		13.3%
1998-01-01		12.7%
1999-01-01		11.9%
2000-01-01		11.3%
2001-01-01		11.7%
2002-01-01		12.1%
2003-01-01		12.5%
2004-01-01		12.7%
2005-01-01		12.6%
2006-01-01		12.3%
2007-01-01		12.5%
2008-01-01		13.2%
2009-01-01		14.3%
2010-01-01		15.1%
2011-01-01		15.0%
2012-01-01		15.0%
2013-01-01		14.5%

ChartData Download data

* Simulated poverty rate is based on a model of the statistical relationship between growth in per capita GDP and poverty that prevailed between 1959 and 1973.

Source: EPI analysis of Current Population Survey Annual Social and Economic Supplement Historical Poverty Tables (Tables 2 and 4), Bureau of Economic Analysis National Income Product Accounts public data, and Danziger and Gottschalk (1995)

Impact on poverty rate of economic, demographic, and education changes, 1979–2013

Factor	Effect
Inequality	7.1
Growth	-3.4
Education	-2.9
Family structure	1.6
Race	1.1
Interaction	-0.5

ChartData Download data

Source: EPI analysis of Current Population Survey Annual Social and Economic Supplement microdata based on Danziger and Gottschalk (1995)

Non-elderly poverty rates, market-based and post-tax, post-transfer, 1989, 2007, 2013

	Market-based	Post-tax, post-transfer
1989	16.0%	11.8%
2007	16.2%	10.5%
2013	19.5%	12.1%

ChartData Download data

Note: Non-elderly population refers to those under age 65. Market-based poverty rates are those based on income earned from work and capital, before factoring in government-provided support. Post-tax, post-transfer poverty rates are those after all government supports (such as cash transfers, in-kind programs, and tax benefits) have been included.

Source: EPI analysis of Current Population Survey Annual Social and Economic Supplement

Growing economic inequality is rooted in wage inequality

Disconnect between productivity and a typical worker's compensation, 1948–2014

Year	Hourly compensation	Net productivity
1948	0.0%	0.0%
1949	6.3%	1.5%
1950	10.5%	9.3%
1951	11.8%	12.3%
1952	15.0%	15.6%
1953	20.8%	19.5%
1954	23.5%	21.6%
1955	28.7%	26.5%
1956	33.9%	26.7%
1957	37.1%	30.1%
1958	38.2%	32.8%
1959	42.5%	37.6%
1960	45.5%	40.0%
1961	48.0%	44.3%
1962	52.5%	49.8%
1963	55.0%	55.0%
1964	58.5%	60.0%
1965	62.5%	64.9%
1966	64.9%	70.0%
1967	66.9%	72.0%
1968	70.7%	77.2%
1969	74.7%	77.9%
1970	76.6%	80.4%
1971	82.0%	87.1%
1972	91.2%	92.0%
1973	91.3%	96.7%
1974	87.0%	93.7%
1975	86.8%	97.9%
1976	89.7%	103.4%
1977	93.1%	105.8%
1978	96.0%	107.8%
1979	93.4%	108.1%
1980	88.6%	106.6%
1981	87.6%	111.0%
1982	87.8%	107.9%
1983	88.3%	114.1%
1984	86.9%	119.7%
1985	86.3%	123.4%
1986	87.3%	128.0%
1987	84.6%	129.1%
1988	83.9%	131.8%
1989	83.7%	133.6%
1990	82.2%	137.0%
1991	81.9%	138.9%
1992	83.0%	147.5%
1993	83.4%	148.4%
1994	83.8%	150.7%
1995	82.7%	150.8%
1996	82.8%	156.9%
1997	84.8%	160.5%
1998	89.2%	165.7%
1999	91.9%	172.1%
2000	92.9%	178.5%
2001	95.6%	182.9%
2002	99.5%	190.7%
2003	101.6%	200.2%
2004	101.0%	208.3%
2005	100.0%	213.6%
2006	100.2%	215.6%
2007	101.7%	217.8%
2008	101.8%	218.3%
2009	109.7%	224.9%
2010	111.5%	234.4%
2011	109.1%	234.8%
2012	107.3%	236.6%
2013	108.3%	236.9%
2014	109.0%	238.7%

ChartData Download data

Note: Data are for average hourly compensation of production/nonsupervisory workers in the private sector and net productivity of the total economy. "Net productivity" is the growth of output of goods and services minus depreciation per hour worked.

Source: EPI analysis of data from the BEA and BLS (see technical appendix of Understanding the Historic Divergence Between Productivity and a Typical Worker's Pay for more detailed information)

When it comes to the pace of annual pay increases, the top 1% wage grew 138% since 1979, while wages for the bottom 90% grew 15%: Cumulative change in real annual wages, by wage group, 1979–2013

	Top 1%	Bottom 90%
1979	0.0%	0.0%
1980	3.4%	-2.2%
1981	3.1%	-2.6%
1982	9.5%	-3.9%
1983	13.6%	-3.7%
1984	20.7%	-1.8%
1985	23.0%	-1.0%
1986	32.6%	1.1%
1987	53.5%	2.1%
1988	68.7%	2.2%
1989	63.3%	1.8%
1990	64.8%	1.1%
1991	53.6%	0.0%
1992	74.3%	1.5%
1993	67.9%	0.9%
1994	63.4%	2.0%
1995	70.2%	2.8%
1996	79.0%	4.1%
1997	100.6%	7.0%
1998	113.1%	11.0%
1999	129.7%	13.2%
2000	144.8%	15.3%
2001	130.4%	15.7%
2002	109.3%	15.6%
2003	113.9%	15.7%
2004	127.2%	15.6%
2005	135.4%	15.0%
2006	143.4%	15.7%
2007	156.2%	16.7%
2008	137.5%	16.0%
2009	116.2%	16.0%
2010	130.9%	15.2%
2011	134.1%	14.6%
2012	148.4%	14.7%
2013	137.7%	15.2%

ChartData Download data

Source: EPI analysis of data from Kopczuk, Saez, and Song (2010) and Social Security Administration wage statistics

Reproduced from Figure F in Raising America’s Pay: Why It’s Our Central Economic Policy Challenge

Middle-class wages are stagnant—Middle-wage workers' hourly wage is up 6% since 1979, low-wage workers' wages are down 5%, while those with very high wages saw a 41% increase: Cumulative change in real hourly wages of all workers, by wage percentile,* 1979–2013

YEAR	Very high wage	Middle wage	Low wage
1979/01/01	0.00%	0.00%	0.00%
1980/01/01	-1.90%	-1.00%	-5.50%
1981/01/01	-1.70%	-3.60%	-4.00%
1982/01/01	0.20%	-2.20%	-7.70%
1983/01/01	3.40%	-2.70%	-10.50%
1984/01/01	4.20%	-2.20%	-12.70%
1985/01/01	6.00%	-1.30%	-14.10%
1986/01/01	7.60%	0.50%	-14.30%
1987/01/01	7.40%	0.60%	-14.50%
1988/01/01	10.10%	0.00%	-14.50%
1989/01/01	7.50%	-0.60%	-14.60%
1990/01/01	9.60%	-0.60%	-13.10%
1991/01/01	10.30%	0.00%	-11.50%
1992/01/01	8.50%	0.80%	-11.70%
1993/01/01	7.60%	0.10%	-12.00%
1994/01/01	13.10%	-1.60%	-12.90%
1995/01/01	13.20%	-2.40%	-13.10%
1996/01/01	13.80%	-2.80%	-13.50%
1997/01/01	15.20%	-0.50%	-10.60%
1998/01/01	18.00%	2.30%	-5.70%
1999/01/01	21.50%	5.40%	-4.30%
2000/01/01	25.20%	5.10%	-3.40%
2001/01/01	27.70%	7.40%	-0.40%
2002/01/01	32.00%	8.30%	0.70%
2003/01/01	30.30%	9.60%	0.30%
2004/01/01	31.60%	9.60%	-1.10%
2005/01/01	32.50%	8.30%	-2.80%
2006/01/01	33.20%	8.70%	-2.20%
2007/01/01	36.10%	7.80%	-1.00%
2008/01/01	37.60%	8.30%	-1.90%
2009/01/01	39.00%	10.10%	-1.10%
2010/01/01	38.70%	8.60%	-1.90%
2011/01/01	37.10%	5.70%	-4.30%
2012/01/01	39.00%	5.00%	-5.90%
2013/01/01	40.60%	6.10%	-5.30%

ChartData Download data

* Low wage is 10th percentile, middle wage is 50th percentile, very high wage is 95th percentile.

Source: EPI analysis of Current Population Survey Outgoing Rotation Group microdata

Reproduced from Figure F in Why America’s Workers Need Faster Wage Growth—And What We Can Do About It

The gender wage gap is largest among top earners: Women’s hourly wages as a share of men’s at various wage percentiles, 1979–2014

	10th percentile	50th percentile	95th percentile
1979-01-01	86.7%	62.7%	62.9%
1980-01-01	83.2%	63.4%	64.8%
1981-01-01	88.7%	64.2%	63.6%
1982-01-01	88.9%	64.8%	64.8%
1983-01-01	89.3%	66.5%	62.9%
1984-01-01	87.2%	67.4%	64.1%
1985-01-01	85.8%	67.1%	63.2%
1986-01-01	84.7%	66.9%	66.2%
1987-01-01	83.5%	69.1%	65.8%
1988-01-01	81.5%	71.1%	68.0%
1989-01-01	81.3%	73.1%	71.9%
1990-01-01	83.4%	74.4%	72.7%
1991-01-01	86.8%	74.9%	72.8%
1992-01-01	89.7%	76.2%	73.9%
1993-01-01	90.9%	77.6%	74.4%
1994-01-01	90.8%	78.4%	76.3%
1995-01-01	88.2%	76.7%	76.6%
1996-01-01	87.2%	77.6%	77.0%
1997-01-01	87.0%	79.0%	75.2%
1998-01-01	89.4%	78.2%	76.7%
1999-01-01	87.6%	76.9%	77.0%
2000-01-01	87.3%	78.0%	75.6%
2001-01-01	87.3%	78.5%	75.7%
2002-01-01	89.6%	80.1%	76.2%
2003-01-01	89.4%	81.0%	76.8%
2004-01-01	89.3%	81.8%	75.3%
2005-01-01	88.3%	82.0%	77.2%
2006-01-01	88.8%	82.2%	77.9%
2007-01-01	89.9%	81.5%	77.2%
2008-01-01	90.3%	82.6%	77.0%
2009-01-01	92.3%	81.7%	74.6%
2010-01-01	92.9%	83.3%	76.8%
2011-01-01	93.4%	84.0%	77.9%
2012-01-01	91.7%	82.8%	74.5%
2013-01-01	91.8%	83.4%	76.1%
2014-01-01	90.9%	82.9%	78.6%

ChartData Download data

Note: The xth-percentile wage is the wage at which x% of wage earners earn less and (100-x)% earn more.

Source: EPI analysis of Current Population Survey Outgoing Rotation Group microdata

Hourly wages of Hispanic workers as a percent of white hourly wages, at the 10th, 50th, and 95th wage percentiles, 1979–2013

Year	10th percentile	50th percentile	95th percentile
1979/01/01	95.5%	81.2%	78.6%
1980/01/01	94.6%	81.4%	77.7%
1981/01/01	96.0%	79.6%	79.1%
1982/01/01	95.9%	79.0%	75.1%
1983/01/01	95.5%	79.4%	75.3%
1984/01/01	94.8%	78.7%	78.0%
1985/01/01	94.1%	77.3%	76.2%
1986/01/01	92.0%	76.1%	78.4%
1987/01/01	91.1%	76.2%	74.0%
1988/01/01	91.2%	76.1%	75.2%
1989/01/01	90.0%	73.9%	74.0%
1990/01/01	87.4%	71.8%	72.9%
1991/01/01	86.5%	72.0%	74.2%
1992/01/01	88.2%	73.3%	77.3%
1993/01/01	86.9%	72.9%	74.7%
1994/01/01	86.1%	70.8%	73.0%
1995/01/01	86.4%	69.8%	71.5%
1996/01/01	86.2%	70.3%	70.1%
1997/01/01	85.5%	68.6%	71.3%
1998/01/01	86.8%	70.0%	70.1%
1999/01/01	86.8%	69.3%	69.6%
2000/01/01	85.6%	68.8%	68.3%
2001/01/01	85.3%	69.8%	65.7%
2002/01/01	86.8%	69.0%	66.4%
2003/01/01	87.8%	68.5%	67.7%
2004/01/01	88.2%	67.7%	67.5%
2005/01/01	86.7%	68.5%	67.9%
2006/01/01	87.1%	69.8%	67.5%
2007/01/01	89.2%	70.7%	69.4%
2008/01/01	91.4%	70.8%	68.1%
2009/01/01	91.5%	69.8%	69.1%
2010/01/01	92.5%	68.6%	69.0%
2011/01/01	92.5%	68.7%	67.6%
2012/01/01	91.4%	68.3%	66.1%
2013/01/01	90.0%	68.5%	66.5%

ChartData Download data

Note: The xth-percentile wage is the wage at which x% of wage earners earn less and (100-x)% earn more. Shaded areas denote recessions. Race/ethnicity categories are mutually exclusive (i.e., white non-Hispanic, black non-Hispanic, and Hispanic any race).

Source: Authors' analysis of Current Population Survey Outgoing Rotation Group microdata

Hourly wages of black workers as a percent of white hourly wages, at the 10th, 50th, and 95th wage percentiles, 1979–2013

YEAR	10th percentile	50th percentile	95th percentile
1979/01/01	94.7%	82.8%	78.9%
1980/01/01	93.2%	81.9%	78.1%
1981/01/01	95.9%	82.4%	79.5%
1982/01/01	95.4%	79.6%	75.3%
1983/01/01	95.3%	80.6%	76.2%
1984/01/01	94.3%	79.6%	77.4%
1985/01/01	93.7%	78.4%	75.1%
1986/01/01	92.6%	80.2%	75.2%
1987/01/01	91.0%	80.1%	77.5%
1988/01/01	89.5%	81.2%	77.3%
1989/01/01	88.7%	79.5%	76.0%
1990/01/01	87.8%	78.5%	72.9%
1991/01/01	88.7%	78.8%	76.0%
1992/01/01	91.2%	79.2%	77.4%
1993/01/01	92.4%	79.8%	78.1%
1994/01/01	92.8%	78.3%	76.1%
1995/01/01	92.4%	78.1%	75.8%
1996/01/01	89.7%	77.8%	73.5%
1997/01/01	88.3%	76.7%	73.9%
1998/01/01	92.2%	80.1%	73.9%
1999/01/01	92.2%	78.6%	72.8%
2000/01/01	90.5%	79.2%	72.1%
2001/01/01	89.6%	77.1%	72.4%
2002/01/01	91.9%	77.6%	72.6%
2003/01/01	92.9%	79.7%	73.1%
2004/01/01	92.1%	79.8%	72.6%
2005/01/01	90.2%	76.8%	72.5%
2006/01/01	90.1%	78.1%	74.5%
2007/01/01	92.1%	76.3%	72.9%
2008/01/01	92.6%	76.2%	72.5%
2009/01/01	94.0%	77.6%	70.5%
2010/01/01	93.8%	77.6%	70.4%
2011/01/01	93.5%	76.9%	73.1%
2012/01/01	91.6%	75.4%	70.5%
2013/01/01	90.8%	76.7%	70.0%

ChartData Download data

Note: The xth-percentile wage is the wage at which x% of wage earners earn less and (100-x)% earn more. Shaded areas denote recessions. Race/ethnicity categories are mutually exclusive (i.e., white non-Hispanic, black non-Hispanic, and Hispanic any race).

Source: Authors' analysis of Current Population Survey Outgoing Rotation Group microdata

Women earn less than men at every education level: Average hourly wages, by gender and education, 2014

Education level	Men’s hourly wages	Women’s hourly wages
Less than high school	$13.37	$10.44
High school	$18.12	$14.29
Some college	$20.19	$16.20
College	$33.35	$25.94
Advanced degree	$44.10	$32.82

ChartData Download data

Source: EPI analysis of Current Population Survey Outgoing Rotation Group microdata

The gender wage gap persists, but has narrowed since 1979: Median hourly wages, by gender, 1979–2014

	Women’s median hourly wages	Men’s median hourly wages
1979-01-01	$12.61	$20.13
1980-01-01	$12.58	$19.83
1981-01-01	$12.47	$19.42
1982-01-01	$12.49	$19.27
1983-01-01	$12.65	$19.01
1984-01-01	$12.76	$18.92
1985-01-01	$12.82	$19.10
1986-01-01	$13.15	$19.64
1987-01-01	$13.49	$19.53
1988-01-01	$13.61	$19.16
1989-01-01	$13.60	$18.61
1990-01-01	$13.64	$18.32
1991-01-01	$13.70	$18.28
1992-01-01	$13.80	$18.13
1993-01-01	$13.96	$17.98
1994-01-01	$13.84	$17.66
1995-01-01	$13.75	$17.93
1996-01-01	$13.82	$17.81
1997-01-01	$14.16	$17.92
1998-01-01	$14.51	$18.56
1999-01-01	$14.64	$19.04
2000-01-01	$14.94	$19.16
2001-01-01	$15.26	$19.43
2002-01-01	$15.64	$19.52
2003-01-01	$15.68	$19.36
2004-01-01	$15.65	$19.13
2005-01-01	$15.54	$18.97
2006-01-01	$15.56	$18.93
2007-01-01	$15.69	$19.24
2008-01-01	$15.80	$19.13
2009-01-01	$16.07	$19.67
2010-01-01	$15.96	$19.16
2011-01-01	$15.67	$18.64
2012-01-01	$15.39	$18.60
2013-01-01	$15.35	$18.41
2014-01-01	$15.21	$18.35

ChartData Download data

Source: EPI analysis of Current Population Survey Outgoing Rotation Group microdata

Real average hourly wages of young workers, by education, 1989–2015*

Date	All	Men	Women	All	Men	Women
1989-12-01	$ 10.02	$ 10.78	$ 9.16	$ 16.85	$ 17.53	$ 16.36
1990-01-01	$ 10.02	$ 10.74	$ 9.24	$ 16.94	$ 17.72	$ 16.39
1990-02-01	$ 10.04	$ 10.76	$ 9.22	$ 16.92	$ 17.72	$ 16.36
1990-03-01	$ 10.00	$ 10.75	$ 9.15	$ 16.99	$ 17.78	$ 16.45
1990-04-01	$ 10.10	$ 10.83	$ 9.28	$ 17.15	$ 18.22	$ 16.40
1990-05-01	$ 10.07	$ 10.82	$ 9.24	$ 17.38	$ 18.22	$ 16.78
1990-06-01	$ 10.08	$ 10.83	$ 9.26	$ 17.40	$ 18.25	$ 16.76
1990-07-01	$ 10.10	$ 10.87	$ 9.24	$ 17.36	$ 18.33	$ 16.59
1990-08-01	$ 10.12	$ 10.88	$ 9.28	$ 17.37	$ 18.35	$ 16.60
1990-09-01	$ 10.09	$ 10.80	$ 9.31	$ 17.43	$ 18.41	$ 16.66
1990-10-01	$ 10.07	$ 10.73	$ 9.33	$ 17.37	$ 18.44	$ 16.56
1990-11-01	$ 10.03	$ 10.68	$ 9.30	$ 17.45	$ 18.45	$ 16.69
1990-12-01	$ 10.03	$ 10.67	$ 9.33	$ 17.43	$ 18.41	$ 16.67
1991-01-01	$ 10.02	$ 10.69	$ 9.27	$ 17.46	$ 18.33	$ 16.76
1991-02-01	$ 10.01	$ 10.70	$ 9.27	$ 17.42	$ 18.29	$ 16.74
1991-03-01	$ 10.03	$ 10.71	$ 9.28	$ 17.28	$ 18.30	$ 16.49
1991-04-01	$ 9.98	$ 10.64	$ 9.26	$ 17.14	$ 17.85	$ 16.55
1991-05-01	$ 9.97	$ 10.61	$ 9.27	$ 17.05	$ 18.10	$ 16.22
1991-06-01	$ 9.99	$ 10.61	$ 9.30	$ 16.95	$ 17.92	$ 16.21
1991-07-01	$ 9.97	$ 10.57	$ 9.30	$ 17.09	$ 18.07	$ 16.34
1991-08-01	$ 9.93	$ 10.53	$ 9.27	$ 16.99	$ 18.03	$ 16.20
1991-09-01	$ 9.92	$ 10.52	$ 9.25	$ 16.85	$ 17.97	$ 15.98
1991-10-01	$ 9.89	$ 10.48	$ 9.24	$ 16.80	$ 17.76	$ 16.06
1991-11-01	$ 9.85	$ 10.42	$ 9.22	$ 16.69	$ 17.58	$ 15.98
1991-12-01	$ 9.80	$ 10.39	$ 9.16	$ 16.64	$ 17.52	$ 15.94
1992-01-01	$ 9.76	$ 10.33	$ 9.14	$ 16.59	$ 17.46	$ 15.91
1992-02-01	$ 9.78	$ 10.33	$ 9.18	$ 16.57	$ 17.44	$ 15.88
1992-03-01	$ 9.74	$ 10.27	$ 9.15	$ 16.55	$ 17.32	$ 15.93
1992-04-01	$ 9.74	$ 10.31	$ 9.11	$ 16.58	$ 17.42	$ 15.89
1992-05-01	$ 9.70	$ 10.30	$ 9.06	$ 16.38	$ 17.06	$ 15.84
1992-06-01	$ 9.66	$ 10.25	$ 9.02	$ 16.43	$ 17.10	$ 15.90
1992-07-01	$ 9.65	$ 10.21	$ 9.04	$ 16.35	$ 16.90	$ 15.90
1992-08-01	$ 9.65	$ 10.18	$ 9.07	$ 16.29	$ 16.82	$ 15.84
1992-09-01	$ 9.62	$ 10.17	$ 9.02	$ 16.30	$ 16.68	$ 15.98
1992-10-01	$ 9.63	$ 10.14	$ 9.06	$ 16.36	$ 16.83	$ 15.95
1992-11-01	$ 9.64	$ 10.14	$ 9.08	$ 16.28	$ 16.81	$ 15.84
1992-12-01	$ 9.62	$ 10.11	$ 9.07	$ 16.10	$ 16.64	$ 15.66
1993-01-01	$ 9.59	$ 10.08	$ 9.05	$ 16.17	$ 16.82	$ 15.62
1993-02-01	$ 9.52	$ 9.99	$ 9.03	$ 16.14	$ 16.92	$ 15.49
1993-03-01	$ 9.49	$ 9.92	$ 9.02	$ 16.21	$ 17.08	$ 15.50
1993-04-01	$ 9.42	$ 9.88	$ 8.94	$ 16.08	$ 16.85	$ 15.47
1993-05-01	$ 9.47	$ 9.91	$ 8.99	$ 16.16	$ 16.89	$ 15.57
1993-06-01	$ 9.46	$ 9.89	$ 8.99	$ 16.22	$ 16.90	$ 15.68
1993-07-01	$ 9.44	$ 9.87	$ 8.96	$ 16.06	$ 16.60	$ 15.63
1993-08-01	$ 9.40	$ 9.85	$ 8.89	$ 16.07	$ 16.64	$ 15.60
1993-09-01	$ 9.38	$ 9.82	$ 8.90	$ 15.99	$ 16.74	$ 15.40
1993-10-01	$ 9.37	$ 9.87	$ 8.81	$ 16.09	$ 16.80	$ 15.56
1993-11-01	$ 9.35	$ 9.91	$ 8.73	$ 16.06	$ 16.80	$ 15.52
1993-12-01	$ 9.34	$ 9.92	$ 8.69	$ 16.16	$ 16.93	$ 15.58
1994-01-01	$ 9.34	$ 9.90	$ 8.72	$ 16.21	$ 16.90	$ 15.72
1994-02-01	$ 9.34	$ 9.92	$ 8.69	$ 16.33	$ 17.11	$ 15.82
1994-03-01	$ 9.48	$ 10.18	$ 8.72	$ 16.31	$ 17.00	$ 15.84
1994-04-01	$ 9.54	$ 10.18	$ 8.84	$ 16.28	$ 17.01	$ 15.77
1994-05-01	$ 9.54	$ 10.21	$ 8.80	$ 16.24	$ 17.11	$ 15.61
1994-06-01	$ 9.55	$ 10.25	$ 8.81	$ 16.15	$ 17.14	$ 15.43
1994-07-01	$ 9.55	$ 10.25	$ 8.80	$ 16.15	$ 17.34	$ 15.28
1994-08-01	$ 9.54	$ 10.23	$ 8.81	$ 16.10	$ 17.12	$ 15.38
1994-09-01	$ 9.60	$ 10.30	$ 8.84	$ 16.13	$ 17.06	$ 15.46
1994-10-01	$ 9.65	$ 10.39	$ 8.85	$ 16.12	$ 17.19	$ 15.29
1994-11-01	$ 9.69	$ 10.43	$ 8.88	$ 16.19	$ 17.40	$ 15.28
1994-12-01	$ 9.79	$ 10.61	$ 8.90	$ 16.18	$ 17.26	$ 15.35
1995-01-01	$ 9.87	$ 10.74	$ 8.95	$ 16.07	$ 17.17	$ 15.20
1995-02-01	$ 9.89	$ 10.77	$ 8.93	$ 16.01	$ 16.94	$ 15.24
1995-03-01	$ 9.80	$ 10.55	$ 8.96	$ 15.90	$ 16.84	$ 15.15
1995-04-01	$ 9.76	$ 10.55	$ 8.87	$ 15.96	$ 16.94	$ 15.18
1995-05-01	$ 9.73	$ 10.50	$ 8.87	$ 15.92	$ 16.81	$ 15.22
1995-06-01	$ 9.73	$ 10.47	$ 8.89	$ 15.93	$ 16.78	$ 15.26
1995-07-01	$ 9.74	$ 10.52	$ 8.87	$ 15.99	$ 16.71	$ 15.44
1995-08-01	$ 9.81	$ 10.64	$ 8.87	$ 15.96	$ 16.80	$ 15.31
1995-09-01	$ 9.78	$ 10.62	$ 8.83	$ 15.90	$ 16.77	$ 15.23
1995-10-01	$ 9.77	$ 10.58	$ 8.87	$ 15.72	$ 16.49	$ 15.16
1995-11-01	$ 9.79	$ 10.63	$ 8.86	$ 15.76	$ 16.44	$ 15.26
1995-12-01	$ 9.72	$ 10.53	$ 8.84	$ 15.77	$ 16.52	$ 15.22
1996-01-01	$ 9.68	$ 10.40	$ 8.86	$ 15.72	$ 16.57	$ 15.15
1996-02-01	$ 9.73	$ 10.46	$ 8.90	$ 15.65	$ 16.42	$ 15.13
1996-03-01	$ 9.78	$ 10.54	$ 8.89	$ 15.82	$ 16.43	$ 15.39
1996-04-01	$ 9.76	$ 10.53	$ 8.86	$ 15.78	$ 16.35	$ 15.39
1996-05-01	$ 9.73	$ 10.50	$ 8.83	$ 15.73	$ 16.24	$ 15.38
1996-06-01	$ 9.74	$ 10.55	$ 8.79	$ 15.65	$ 16.12	$ 15.32
1996-07-01	$ 9.72	$ 10.50	$ 8.79	$ 15.60	$ 16.10	$ 15.25
1996-08-01	$ 9.69	$ 10.45	$ 8.79	$ 15.91	$ 16.25	$ 15.67
1996-09-01	$ 9.76	$ 10.43	$ 8.97	$ 15.94	$ 16.31	$ 15.67
1996-10-01	$ 9.73	$ 10.40	$ 8.93	$ 15.93	$ 16.35	$ 15.67
1996-11-01	$ 9.73	$ 10.35	$ 9.00	$ 15.83	$ 16.25	$ 15.55
1996-12-01	$ 9.77	$ 10.39	$ 9.03	$ 15.83	$ 16.24	$ 15.57
1997-01-01	$ 9.79	$ 10.39	$ 9.07	$ 15.86	$ 16.19	$ 15.60
1997-02-01	$ 9.77	$ 10.32	$ 9.13	$ 15.75	$ 16.21	$ 15.42
1997-03-01	$ 9.73	$ 10.30	$ 9.08	$ 15.92	$ 16.60	$ 15.40
1997-04-01	$ 9.78	$ 10.38	$ 9.12	$ 16.00	$ 16.74	$ 15.45
1997-05-01	$ 9.84	$ 10.45	$ 9.17	$ 16.08	$ 16.84	$ 15.51
1997-06-01	$ 10.00	$ 10.65	$ 9.27	$ 16.21	$ 16.96	$ 15.66
1997-07-01	$ 10.02	$ 10.66	$ 9.28	$ 16.29	$ 17.16	$ 15.67
1997-08-01	$ 10.01	$ 10.64	$ 9.31	$ 16.14	$ 17.12	$ 15.43
1997-09-01	$ 9.97	$ 10.66	$ 9.17	$ 16.28	$ 17.26	$ 15.57
1997-10-01	$ 10.03	$ 10.71	$ 9.24	$ 16.35	$ 17.28	$ 15.65
1997-11-01	$ 10.02	$ 10.70	$ 9.23	$ 16.40	$ 17.39	$ 15.65
1997-12-01	$ 10.00	$ 10.61	$ 9.29	$ 16.46	$ 17.60	$ 15.63
1998-01-01	$ 10.04	$ 10.70	$ 9.26	$ 16.54	$ 17.74	$ 15.67
1998-02-01	$ 10.05	$ 10.72	$ 9.26	$ 16.78	$ 18.09	$ 15.81
1998-03-01	$ 10.07	$ 10.72	$ 9.28	$ 16.72	$ 18.22	$ 15.65
1998-04-01	$ 10.09	$ 10.71	$ 9.34	$ 16.91	$ 18.63	$ 15.75
1998-05-01	$ 10.12	$ 10.71	$ 9.41	$ 17.15	$ 18.82	$ 16.03
1998-06-01	$ 10.07	$ 10.56	$ 9.48	$ 17.18	$ 18.85	$ 16.05
1998-07-01	$ 10.15	$ 10.64	$ 9.58	$ 17.18	$ 18.74	$ 16.11
1998-08-01	$ 10.24	$ 10.77	$ 9.64	$ 17.59	$ 19.71	$ 16.09
1998-09-01	$ 10.26	$ 10.77	$ 9.67	$ 17.81	$ 20.04	$ 16.13
1998-10-01	$ 10.30	$ 10.81	$ 9.73	$ 17.96	$ 20.14	$ 16.33
1998-11-01	$ 10.37	$ 10.88	$ 9.78	$ 18.17	$ 20.39	$ 16.51
1998-12-01	$ 10.46	$ 11.00	$ 9.86	$ 18.28	$ 20.49	$ 16.63
1999-01-01	$ 10.52	$ 11.06	$ 9.91	$ 18.47	$ 20.46	$ 17.03
1999-02-01	$ 10.54	$ 11.07	$ 9.91	$ 18.47	$ 20.41	$ 17.05
1999-03-01	$ 10.61	$ 11.13	$ 9.98	$ 18.45	$ 20.08	$ 17.24
1999-04-01	$ 10.64	$ 11.17	$ 10.01	$ 18.23	$ 19.47	$ 17.23
1999-05-01	$ 10.65	$ 11.22	$ 9.98	$ 18.17	$ 19.67	$ 17.02
1999-06-01	$ 10.62	$ 11.21	$ 9.90	$ 18.29	$ 19.95	$ 17.07
1999-07-01	$ 10.69	$ 11.26	$ 9.98	$ 18.57	$ 20.11	$ 17.43
1999-08-01	$ 10.69	$ 11.25	$ 10.00	$ 18.28	$ 19.19	$ 17.65
1999-09-01	$ 10.75	$ 11.32	$ 10.03	$ 18.07	$ 18.84	$ 17.63
1999-10-01	$ 10.78	$ 11.41	$ 9.96	$ 18.17	$ 19.02	$ 17.68
1999-11-01	$ 10.89	$ 11.59	$ 10.00	$ 18.12	$ 18.94	$ 17.68
1999-12-01	$ 10.85	$ 11.59	$ 9.91	$ 18.37	$ 19.14	$ 17.93
2000-01-01	$ 10.85	$ 11.60	$ 9.89	$ 18.36	$ 19.41	$ 17.67
2000-02-01	$ 10.92	$ 11.69	$ 9.94	$ 18.37	$ 19.35	$ 17.75
2000-03-01	$ 11.01	$ 11.78	$ 10.05	$ 18.41	$ 19.44	$ 17.74
2000-04-01	$ 11.06	$ 11.90	$ 10.01	$ 18.53	$ 19.85	$ 17.71
2000-05-01	$ 11.14	$ 11.98	$ 10.10	$ 18.45	$ 19.66	$ 17.67
2000-06-01	$ 11.22	$ 12.09	$ 10.16	$ 18.60	$ 19.62	$ 17.92
2000-07-01	$ 11.21	$ 12.13	$ 10.11	$ 18.48	$ 19.63	$ 17.68
2000-08-01	$ 11.19	$ 12.09	$ 10.10	$ 18.54	$ 19.68	$ 17.75
2000-09-01	$ 11.22	$ 12.14	$ 10.11	$ 18.67	$ 19.70	$ 17.94
2000-10-01	$ 11.23	$ 12.09	$ 10.21	$ 18.70	$ 19.72	$ 17.99
2000-11-01	$ 11.23	$ 12.03	$ 10.28	$ 18.70	$ 19.57	$ 18.06
2000-12-01	$ 11.23	$ 12.02	$ 10.30	$ 18.67	$ 19.54	$ 18.04
2001-01-01	$ 11.27	$ 12.08	$ 10.32	$ 18.53	$ 19.36	$ 17.95
2001-02-01	$ 11.22	$ 12.07	$ 10.21	$ 18.59	$ 19.37	$ 18.03
2001-03-01	$ 11.13	$ 11.96	$ 10.13	$ 18.80	$ 19.81	$ 18.14
2001-04-01	$ 11.14	$ 11.92	$ 10.21	$ 18.86	$ 19.96	$ 18.10
2001-05-01	$ 11.09	$ 11.91	$ 10.14	$ 19.11	$ 20.31	$ 18.27
2001-06-01	$ 11.09	$ 11.80	$ 10.26	$ 18.94	$ 20.23	$ 18.07
2001-07-01	$ 11.08	$ 11.77	$ 10.26	$ 19.00	$ 20.15	$ 18.23
2001-08-01	$ 11.12	$ 11.82	$ 10.29	$ 18.98	$ 20.29	$ 18.04
2001-09-01	$ 11.16	$ 11.80	$ 10.42	$ 19.14	$ 20.73	$ 18.01
2001-10-01	$ 11.13	$ 11.83	$ 10.34	$ 19.08	$ 20.62	$ 17.98
2001-11-01	$ 11.09	$ 11.82	$ 10.28	$ 19.06	$ 20.58	$ 17.98
2001-12-01	$ 11.12	$ 11.81	$ 10.32	$ 18.85	$ 20.38	$ 17.76
2002-01-01	$ 11.10	$ 11.74	$ 10.35	$ 19.01	$ 20.56	$ 17.93
2002-02-01	$ 11.14	$ 11.73	$ 10.48	$ 19.18	$ 20.83	$ 18.05
2002-03-01	$ 11.22	$ 11.84	$ 10.50	$ 18.85	$ 20.31	$ 17.80
2002-04-01	$ 11.21	$ 11.87	$ 10.46	$ 18.79	$ 19.94	$ 17.95
2002-05-01	$ 11.23	$ 11.84	$ 10.52	$ 18.61	$ 19.64	$ 17.88
2002-06-01	$ 11.18	$ 11.86	$ 10.40	$ 18.64	$ 19.74	$ 17.86
2002-07-01	$ 11.15	$ 11.80	$ 10.42	$ 18.50	$ 19.72	$ 17.63
2002-08-01	$ 11.16	$ 11.83	$ 10.36	$ 18.46	$ 19.65	$ 17.65
2002-09-01	$ 11.07	$ 11.83	$ 10.18	$ 18.45	$ 19.74	$ 17.60
2002-10-01	$ 11.05	$ 11.80	$ 10.16	$ 18.48	$ 19.80	$ 17.61
2002-11-01	$ 11.01	$ 11.74	$ 10.14	$ 18.64	$ 20.04	$ 17.69
2002-12-01	$ 10.99	$ 11.74	$ 10.09	$ 18.66	$ 20.14	$ 17.69
2003-01-01	$ 11.01	$ 11.77	$ 10.09	$ 18.68	$ 20.11	$ 17.75
2003-02-01	$ 10.94	$ 11.73	$ 9.97	$ 18.44	$ 19.75	$ 17.58
2003-03-01	$ 10.85	$ 11.63	$ 9.92	$ 18.45	$ 19.60	$ 17.70
2003-04-01	$ 10.83	$ 11.57	$ 9.93	$ 18.46	$ 19.63	$ 17.69
2003-05-01	$ 10.81	$ 11.52	$ 9.94	$ 18.47	$ 19.72	$ 17.66
2003-06-01	$ 10.82	$ 11.55	$ 9.89	$ 18.45	$ 19.60	$ 17.70
2003-07-01	$ 10.83	$ 11.58	$ 9.89	$ 18.36	$ 19.42	$ 17.68
2003-08-01	$ 10.84	$ 11.57	$ 9.95	$ 18.32	$ 19.43	$ 17.59
2003-09-01	$ 10.98	$ 11.74	$ 10.03	$ 18.15	$ 19.16	$ 17.48
2003-10-01	$ 10.99	$ 11.73	$ 10.06	$ 18.20	$ 19.37	$ 17.42
2003-11-01	$ 11.06	$ 11.72	$ 10.24	$ 18.02	$ 19.19	$ 17.25
2003-12-01	$ 11.08	$ 11.70	$ 10.30	$ 17.99	$ 18.85	$ 17.43
2004-01-01	$ 11.04	$ 11.66	$ 10.27	$ 17.79	$ 18.43	$ 17.39
2004-02-01	$ 11.12	$ 11.69	$ 10.40	$ 17.87	$ 18.67	$ 17.35
2004-03-01	$ 11.16	$ 11.74	$ 10.45	$ 17.95	$ 18.84	$ 17.38
2004-04-01	$ 11.16	$ 11.68	$ 10.49	$ 18.18	$ 18.94	$ 17.68
2004-05-01	$ 11.29	$ 11.94	$ 10.44	$ 18.27	$ 18.96	$ 17.80
2004-06-01	$ 11.31	$ 11.95	$ 10.47	$ 18.13	$ 18.96	$ 17.57
2004-07-01	$ 11.25	$ 11.94	$ 10.36	$ 18.34	$ 19.09	$ 17.82
2004-08-01	$ 11.21	$ 11.89	$ 10.34	$ 18.31	$ 18.99	$ 17.86
2004-09-01	$ 11.09	$ 11.69	$ 10.31	$ 18.36	$ 19.17	$ 17.78
2004-10-01	$ 11.03	$ 11.58	$ 10.29	$ 18.32	$ 18.87	$ 17.92
2004-11-01	$ 10.95	$ 11.54	$ 10.18	$ 18.27	$ 19.00	$ 17.74
2004-12-01	$ 11.06	$ 11.86	$ 10.10	$ 18.26	$ 19.12	$ 17.61
2005-01-01	$ 11.02	$ 11.81	$ 10.06	$ 18.39	$ 19.47	$ 17.58
2005-02-01	$ 10.99	$ 11.80	$ 10.00	$ 18.25	$ 19.12	$ 17.58
2005-03-01	$ 10.90	$ 11.73	$ 9.91	$ 18.14	$ 19.10	$ 17.41
2005-04-01	$ 10.84	$ 11.70	$ 9.81	$ 17.96	$ 19.19	$ 17.04
2005-05-01	$ 10.73	$ 11.49	$ 9.83	$ 18.01	$ 19.57	$ 16.82
2005-06-01	$ 10.75	$ 11.55	$ 9.81	$ 18.15	$ 19.77	$ 16.93
2005-07-01	$ 10.81	$ 11.62	$ 9.88	$ 18.06	$ 19.88	$ 16.72
2005-08-01	$ 10.82	$ 11.65	$ 9.83	$ 18.19	$ 20.11	$ 16.76
2005-09-01	$ 10.83	$ 11.67	$ 9.82	$ 18.06	$ 19.71	$ 16.86
2005-10-01	$ 10.95	$ 11.92	$ 9.80	$ 17.97	$ 19.64	$ 16.76
2005-11-01	$ 10.92	$ 11.93	$ 9.74	$ 18.04	$ 19.48	$ 17.00
2005-12-01	$ 10.76	$ 11.60	$ 9.74	$ 17.95	$ 19.37	$ 16.93
2006-01-01	$ 10.84	$ 11.67	$ 9.83	$ 17.82	$ 19.25	$ 16.78
2006-02-01	$ 10.81	$ 11.66	$ 9.75	$ 18.10	$ 19.53	$ 17.07
2006-03-01	$ 10.87	$ 11.74	$ 9.76	$ 18.17	$ 19.63	$ 17.14
2006-04-01	$ 10.92	$ 11.79	$ 9.79	$ 18.13	$ 19.38	$ 17.25
2006-05-01	$ 10.89	$ 11.78	$ 9.76	$ 17.95	$ 18.81	$ 17.37
2006-06-01	$ 10.86	$ 11.79	$ 9.71	$ 17.85	$ 18.69	$ 17.27
2006-07-01	$ 10.83	$ 11.70	$ 9.74	$ 18.03	$ 18.77	$ 17.52
2006-08-01	$ 10.79	$ 11.67	$ 9.68	$ 17.81	$ 18.37	$ 17.42
2006-09-01	$ 10.83	$ 11.71	$ 9.72	$ 17.87	$ 18.47	$ 17.45
2006-10-01	$ 10.73	$ 11.53	$ 9.70	$ 17.98	$ 18.69	$ 17.48
2006-11-01	$ 10.75	$ 11.57	$ 9.68	$ 18.01	$ 18.86	$ 17.41
2006-12-01	$ 10.79	$ 11.60	$ 9.72	$ 18.08	$ 19.05	$ 17.40
2007-01-01	$ 10.77	$ 11.62	$ 9.66	$ 18.16	$ 19.21	$ 17.41
2007-02-01	$ 10.84	$ 11.67	$ 9.75	$ 18.30	$ 19.60	$ 17.37
2007-03-01	$ 10.93	$ 11.69	$ 9.95	$ 18.31	$ 19.61	$ 17.33
2007-04-01	$ 11.02	$ 11.74	$ 10.09	$ 18.37	$ 19.94	$ 17.25
2007-05-01	$ 11.06	$ 11.77	$ 10.13	$ 18.39	$ 20.00	$ 17.23
2007-06-01	$ 11.03	$ 11.70	$ 10.11	$ 18.44	$ 20.19	$ 17.19
2007-07-01	$ 11.01	$ 11.71	$ 10.06	$ 18.26	$ 20.29	$ 16.82
2007-08-01	$ 11.05	$ 11.74	$ 10.10	$ 18.48	$ 20.56	$ 17.00
2007-09-01	$ 11.01	$ 11.74	$ 10.03	$ 18.64	$ 20.64	$ 17.22
2007-10-01	$ 11.08	$ 11.85	$ 10.05	$ 18.59	$ 20.74	$ 17.10
2007-11-01	$ 11.05	$ 11.79	$ 10.06	$ 18.60	$ 20.60	$ 17.20
2007-12-01	$ 11.14	$ 11.99	$ 10.05	$ 18.56	$ 20.34	$ 17.33
2008-01-01	$ 11.12	$ 12.00	$ 10.02	$ 18.46	$ 19.92	$ 17.46
2008-02-01	$ 11.06	$ 11.91	$ 9.98	$ 18.16	$ 19.35	$ 17.36
2008-03-01	$ 10.94	$ 11.79	$ 9.84	$ 18.27	$ 19.43	$ 17.52
2008-04-01	$ 10.89	$ 11.73	$ 9.80	$ 18.27	$ 19.34	$ 17.51
2008-05-01	$ 10.86	$ 11.74	$ 9.73	$ 18.28	$ 19.26	$ 17.58
2008-06-01	$ 10.83	$ 11.69	$ 9.78	$ 18.34	$ 19.05	$ 17.83
2008-07-01	$ 10.78	$ 11.61	$ 9.74	$ 18.26	$ 18.80	$ 17.84
2008-08-01	$ 10.76	$ 11.58	$ 9.74	$ 18.25	$ 19.02	$ 17.72
2008-09-01	$ 10.70	$ 11.50	$ 9.70	$ 18.07	$ 18.94	$ 17.47
2008-10-01	$ 10.67	$ 11.43	$ 9.73	$ 18.05	$ 18.64	$ 17.63
2008-11-01	$ 10.86	$ 11.67	$ 9.80	$ 18.02	$ 18.66	$ 17.55
2008-12-01	$ 10.76	$ 11.46	$ 9.79	$ 18.17	$ 18.86	$ 17.66
2009-01-01	$ 10.74	$ 11.39	$ 9.84	$ 18.29	$ 19.15	$ 17.65
2009-02-01	$ 10.73	$ 11.38	$ 9.82	$ 18.24	$ 19.26	$ 17.51
2009-03-01	$ 10.74	$ 11.43	$ 9.79	$ 18.16	$ 19.14	$ 17.48
2009-04-01	$ 10.69	$ 11.44	$ 9.68	$ 18.16	$ 19.19	$ 17.49
2009-05-01	$ 10.71	$ 11.51	$ 9.68	$ 18.18	$ 19.44	$ 17.34
2009-06-01	$ 10.70	$ 11.47	$ 9.68	$ 18.29	$ 19.69	$ 17.32
2009-07-01	$ 10.75	$ 11.53	$ 9.72	$ 18.65	$ 20.35	$ 17.54
2009-08-01	$ 10.80	$ 11.49	$ 9.89	$ 18.59	$ 20.19	$ 17.52
2009-09-01	$ 10.79	$ 11.48	$ 9.88	$ 18.63	$ 20.03	$ 17.72
2009-10-01	$ 10.67	$ 11.31	$ 9.82	$ 18.45	$ 19.86	$ 17.52
2009-11-01	$ 10.47	$ 11.04	$ 9.72	$ 18.78	$ 20.90	$ 17.40
2009-12-01	$ 10.46	$ 11.09	$ 9.66	$ 18.60	$ 20.85	$ 17.13
2010-01-01	$ 10.45	$ 11.12	$ 9.58	$ 18.56	$ 20.91	$ 17.05
2010-02-01	$ 10.46	$ 11.08	$ 9.65	$ 18.51	$ 20.91	$ 16.94
2010-03-01	$ 10.40	$ 11.05	$ 9.58	$ 18.59	$ 21.20	$ 16.85
2010-04-01	$ 10.36	$ 11.00	$ 9.51	$ 18.73	$ 21.43	$ 16.84
2010-05-01	$ 10.32	$ 10.90	$ 9.53	$ 18.47	$ 21.12	$ 16.64
2010-06-01	$ 10.38	$ 10.97	$ 9.55	$ 18.22	$ 20.66	$ 16.57
2010-07-01	$ 10.38	$ 10.99	$ 9.53	$ 17.84	$ 19.73	$ 16.50
2010-08-01	$ 10.27	$ 10.93	$ 9.38	$ 17.89	$ 19.69	$ 16.61
2010-09-01	$ 10.34	$ 10.95	$ 9.51	$ 17.80	$ 19.94	$ 16.25
2010-10-01	$ 10.41	$ 11.01	$ 9.58	$ 17.99	$ 20.19	$ 16.39
2010-11-01	$ 10.42	$ 11.03	$ 9.60	$ 17.60	$ 19.12	$ 16.45
2010-12-01	$ 10.41	$ 10.98	$ 9.65	$ 17.58	$ 19.07	$ 16.47
2011-01-01	$ 10.50	$ 11.08	$ 9.72	$ 17.45	$ 18.80	$ 16.42
2011-02-01	$ 10.46	$ 11.10	$ 9.62	$ 17.53	$ 18.90	$ 16.48
2011-03-01	$ 10.47	$ 11.06	$ 9.69	$ 17.67	$ 19.20	$ 16.44
2011-04-01	$ 10.35	$ 10.90	$ 9.65	$ 17.40	$ 18.71	$ 16.39
2011-05-01	$ 10.34	$ 10.87	$ 9.63	$ 17.56	$ 18.80	$ 16.59
2011-06-01	$ 10.28	$ 10.78	$ 9.61	$ 17.53	$ 18.86	$ 16.50
2011-07-01	$ 10.21	$ 10.71	$ 9.54	$ 17.69	$ 19.11	$ 16.64
2011-08-01	$ 10.22	$ 10.70	$ 9.57	$ 17.70	$ 19.20	$ 16.56
2011-09-01	$ 10.13	$ 10.61	$ 9.49	$ 17.69	$ 18.99	$ 16.71
2011-10-01	$ 10.10	$ 10.61	$ 9.41	$ 17.55	$ 18.91	$ 16.54
2011-11-01	$ 10.04	$ 10.55	$ 9.31	$ 17.56	$ 19.04	$ 16.43
2011-12-01	$ 9.99	$ 10.56	$ 9.22	$ 17.68	$ 19.20	$ 16.54
2012-01-01	$ 9.84	$ 10.35	$ 9.15	$ 17.57	$ 19.11	$ 16.37
2012-02-01	$ 9.82	$ 10.34	$ 9.08	$ 17.35	$ 18.74	$ 16.25
2012-03-01	$ 9.85	$ 10.37	$ 9.10	$ 16.86	$ 17.85	$ 16.13
2012-04-01	$ 9.96	$ 10.52	$ 9.17	$ 16.84	$ 17.98	$ 16.00
2012-05-01	$ 9.90	$ 10.44	$ 9.17	$ 16.85	$ 18.01	$ 15.99
2012-06-01	$ 9.89	$ 10.44	$ 9.16	$ 16.91	$ 18.08	$ 16.02
2012-07-01	$ 9.88	$ 10.40	$ 9.18	$ 16.90	$ 18.41	$ 15.78
2012-08-01	$ 9.94	$ 10.51	$ 9.17	$ 16.79	$ 18.26	$ 15.71
2012-09-01	$ 9.90	$ 10.50	$ 9.07	$ 16.85	$ 18.30	$ 15.77
2012-10-01	$ 9.89	$ 10.50	$ 9.04	$ 16.84	$ 18.35	$ 15.75
2012-11-01	$ 9.85	$ 10.46	$ 9.03	$ 16.96	$ 18.39	$ 15.93
2012-12-01	$ 9.81	$ 10.41	$ 9.01	$ 17.07	$ 18.44	$ 16.08
2013-01-01	$ 9.82	$ 10.47	$ 8.96	$ 17.21	$ 18.55	$ 16.25
2013-02-01	$ 9.84	$ 10.46	$ 9.04	$ 17.31	$ 18.67	$ 16.34
2013-03-01	$ 9.80	$ 10.37	$ 9.06	$ 17.46	$ 18.93	$ 16.41
2013-04-01	$ 9.85	$ 10.35	$ 9.20	$ 17.41	$ 18.85	$ 16.31
2013-05-01	$ 9.87	$ 10.36	$ 9.23	$ 17.44	$ 18.99	$ 16.24
2013-06-01	$ 9.82	$ 10.33	$ 9.17	$ 17.39	$ 18.91	$ 16.21
2013-07-01	$ 9.84	$ 10.36	$ 9.18	$ 17.24	$ 18.52	$ 16.21
2013-08-01	$ 9.78	$ 10.31	$ 9.14	$ 17.40	$ 18.87	$ 16.20
2013-09-01	$ 9.81	$ 10.33	$ 9.19	$ 17.38	$ 19.07	$ 16.06
2013-10-01	$ 9.83	$ 10.34	$ 9.19	$ 17.50	$ 19.30	$ 16.05
2013-11-01	$ 9.98	$ 10.55	$ 9.23	$ 17.47	$ 19.27	$ 16.03
2013-12-01	$ 10.03	$ 10.56	$ 9.30	$ 17.27	$ 19.21	$ 15.74
2014-01-01	$ 10.00	$ 10.52	$ 9.29	$ 17.27	$ 19.45	$ 15.57
2014-02-01	$ 9.99	$ 10.54	$ 9.24	$ 17.24	$ 19.44	$ 15.53
2014-03-01	$ 10.00	$ 10.59	$ 9.20	$ 17.23	$ 19.46	$ 15.46
2014-04-01	$ 9.99	$ 10.71	$ 9.01	$ 17.40	$ 19.60	$ 15.71
2014-05-01	$ 9.99	$ 10.75	$ 8.95	$ 17.36	$ 19.48	$ 15.73
2014-06-01	$ 10.07	$ 10.78	$ 9.09	$ 17.45	$ 19.81	$ 15.67
2014-07-01	$ 10.06	$ 10.76	$ 9.09	$ 17.62	$ 20.23	$ 15.64
2014-08-01	$ 10.09	$ 10.79	$ 9.11	$ 17.58	$ 20.16	$ 15.61
2014-09-01	$ 10.14	$ 10.85	$ 9.14	$ 17.58	$ 19.98	$ 15.69
2014-10-01	$ 10.16	$ 10.89	$ 9.16	$ 17.56	$ 19.74	$ 15.82
2014-11-01	$ 10.13	$ 10.78	$ 9.24	$ 17.64	$ 19.98	$ 15.79
2014-12-01	$ 10.17	$ 10.87	$ 9.19	$ 17.81	$ 20.08	$ 16.00
2015-01-01	$ 10.21	$ 10.86	$ 9.31	$ 17.76	$ 19.73	$ 16.17
2015-02-01	$ 10.31	$ 10.96	$ 9.38	$ 17.94	$ 19.72	$ 16.48
2015-03-01	$ 10.40	$ 11.06	$ 9.42	$ 17.94	$ 19.64	$ 16.56

ChartData Download data

* Data reflect 12-month moving averages; data for 2015 represent 12-month average from April 2014 to March 2015.

Note: Data are for college graduates age 21–24 who do not have an advanced degree and are not enrolled in further schooling, and high school graduates age 17–20 who are not enrolled in further schooling. Shaded areas denote recessions.

Source: EPI analysis of Current Population Survey Outgoing Rotation Group microdata

Real average hourly wages of workers with a high school degree, by age, 1989–2015*

Date	All	Men	Women	All	Men	Women
1989-12-01	$ 10.02	$ 10.78	$ 9.16	$ 16.15	$ 18.80	$ 13.61
1990-01-01	$ 10.02	$ 10.74	$ 9.24	$ 16.15	$ 18.81	$ 13.58
1990-02-01	$ 10.04	$ 10.76	$ 9.22	$ 16.13	$ 18.74	$ 13.57
1990-03-01	$ 10.00	$ 10.75	$ 9.15	$ 16.14	$ 18.74	$ 13.57
1990-04-01	$ 10.10	$ 10.83	$ 9.28	$ 16.16	$ 18.74	$ 13.57
1990-05-01	$ 10.07	$ 10.82	$ 9.24	$ 16.16	$ 18.71	$ 13.58
1990-06-01	$ 10.08	$ 10.83	$ 9.26	$ 16.16	$ 18.69	$ 13.58
1990-07-01	$ 10.10	$ 10.87	$ 9.24	$ 16.18	$ 18.68	$ 13.61
1990-08-01	$ 10.12	$ 10.88	$ 9.28	$ 16.19	$ 18.66	$ 13.62
1990-09-01	$ 10.09	$ 10.80	$ 9.31	$ 16.14	$ 18.62	$ 13.57
1990-10-01	$ 10.07	$ 10.73	$ 9.33	$ 16.10	$ 18.53	$ 13.57
1990-11-01	$ 10.03	$ 10.68	$ 9.30	$ 16.06	$ 18.47	$ 13.55
1990-12-01	$ 10.03	$ 10.67	$ 9.33	$ 16.03	$ 18.42	$ 13.53
1991-01-01	$ 10.02	$ 10.69	$ 9.27	$ 16.04	$ 18.42	$ 13.54
1991-02-01	$ 10.01	$ 10.70	$ 9.27	$ 16.03	$ 18.38	$ 13.57
1991-03-01	$ 10.03	$ 10.71	$ 9.28	$ 16.04	$ 18.36	$ 13.61
1991-04-01	$ 9.98	$ 10.64	$ 9.26	$ 16.01	$ 18.31	$ 13.61
1991-05-01	$ 9.97	$ 10.61	$ 9.27	$ 16.02	$ 18.30	$ 13.63
1991-06-01	$ 9.99	$ 10.61	$ 9.30	$ 16.01	$ 18.24	$ 13.66
1991-07-01	$ 9.97	$ 10.57	$ 9.30	$ 16.00	$ 18.23	$ 13.66
1991-08-01	$ 9.93	$ 10.53	$ 9.27	$ 15.99	$ 18.24	$ 13.64
1991-09-01	$ 9.92	$ 10.52	$ 9.25	$ 16.02	$ 18.26	$ 13.68
1991-10-01	$ 9.89	$ 10.48	$ 9.24	$ 16.04	$ 18.28	$ 13.70
1991-11-01	$ 9.85	$ 10.42	$ 9.22	$ 16.04	$ 18.25	$ 13.74
1991-12-01	$ 9.80	$ 10.39	$ 9.16	$ 16.06	$ 18.26	$ 13.78
1992-01-01	$ 9.76	$ 10.33	$ 9.14	$ 16.06	$ 18.23	$ 13.81
1992-02-01	$ 9.78	$ 10.33	$ 9.18	$ 16.07	$ 18.27	$ 13.80
1992-03-01	$ 9.74	$ 10.27	$ 9.15	$ 16.04	$ 18.24	$ 13.78
1992-04-01	$ 9.74	$ 10.31	$ 9.11	$ 16.07	$ 18.26	$ 13.81
1992-05-01	$ 9.70	$ 10.30	$ 9.06	$ 16.05	$ 18.24	$ 13.79
1992-06-01	$ 9.66	$ 10.25	$ 9.02	$ 16.04	$ 18.26	$ 13.75
1992-07-01	$ 9.65	$ 10.21	$ 9.04	$ 16.04	$ 18.25	$ 13.75
1992-08-01	$ 9.65	$ 10.18	$ 9.07	$ 16.07	$ 18.25	$ 13.79
1992-09-01	$ 9.62	$ 10.17	$ 9.02	$ 16.06	$ 18.23	$ 13.79
1992-10-01	$ 9.63	$ 10.14	$ 9.06	$ 16.04	$ 18.19	$ 13.78
1992-11-01	$ 9.64	$ 10.14	$ 9.08	$ 16.01	$ 18.16	$ 13.75
1992-12-01	$ 9.62	$ 10.11	$ 9.07	$ 16.01	$ 18.16	$ 13.76
1993-01-01	$ 9.59	$ 10.08	$ 9.05	$ 15.97	$ 18.13	$ 13.72
1993-02-01	$ 9.52	$ 9.99	$ 9.03	$ 15.97	$ 18.11	$ 13.72
1993-03-01	$ 9.49	$ 9.92	$ 9.02	$ 15.96	$ 18.09	$ 13.72
1993-04-01	$ 9.42	$ 9.88	$ 8.94	$ 15.94	$ 18.09	$ 13.68
1993-05-01	$ 9.47	$ 9.91	$ 8.99	$ 15.94	$ 18.06	$ 13.71
1993-06-01	$ 9.46	$ 9.89	$ 8.99	$ 15.95	$ 18.06	$ 13.73
1993-07-01	$ 9.44	$ 9.87	$ 8.96	$ 15.98	$ 18.08	$ 13.76
1993-08-01	$ 9.40	$ 9.85	$ 8.89	$ 15.98	$ 18.07	$ 13.77
1993-09-01	$ 9.38	$ 9.82	$ 8.90	$ 15.98	$ 18.05	$ 13.78
1993-10-01	$ 9.37	$ 9.87	$ 8.81	$ 15.98	$ 18.05	$ 13.80
1993-11-01	$ 9.35	$ 9.91	$ 8.73	$ 16.02	$ 18.10	$ 13.81
1993-12-01	$ 9.34	$ 9.92	$ 8.69	$ 16.01	$ 18.06	$ 13.82
1994-01-01	$ 9.34	$ 9.90	$ 8.72	$ 16.08	$ 18.13	$ 13.90
1994-02-01	$ 9.34	$ 9.92	$ 8.69	$ 16.15	$ 18.20	$ 13.96
1994-03-01	$ 9.48	$ 10.18	$ 8.72	$ 16.15	$ 18.22	$ 13.95
1994-04-01	$ 9.54	$ 10.18	$ 8.84	$ 16.13	$ 18.17	$ 13.97
1994-05-01	$ 9.54	$ 10.21	$ 8.80	$ 16.16	$ 18.18	$ 14.02
1994-06-01	$ 9.55	$ 10.25	$ 8.81	$ 16.19	$ 18.20	$ 14.04
1994-07-01	$ 9.55	$ 10.25	$ 8.80	$ 16.18	$ 18.17	$ 14.05
1994-08-01	$ 9.54	$ 10.23	$ 8.81	$ 16.17	$ 18.19	$ 14.01
1994-09-01	$ 9.60	$ 10.30	$ 8.84	$ 16.21	$ 18.20	$ 14.07
1994-10-01	$ 9.65	$ 10.39	$ 8.85	$ 16.24	$ 18.23	$ 14.10
1994-11-01	$ 9.69	$ 10.43	$ 8.88	$ 16.24	$ 18.22	$ 14.11
1994-12-01	$ 9.79	$ 10.61	$ 8.90	$ 16.27	$ 18.27	$ 14.13
1995-01-01	$ 9.87	$ 10.74	$ 8.95	$ 16.23	$ 18.20	$ 14.09
1995-02-01	$ 9.89	$ 10.77	$ 8.93	$ 16.18	$ 18.11	$ 14.09
1995-03-01	$ 9.80	$ 10.55	$ 8.96	$ 16.19	$ 18.10	$ 14.11
1995-04-01	$ 9.76	$ 10.55	$ 8.87	$ 16.18	$ 18.12	$ 14.07
1995-05-01	$ 9.73	$ 10.50	$ 8.87	$ 16.17	$ 18.11	$ 14.03
1995-06-01	$ 9.73	$ 10.47	$ 8.89	$ 16.14	$ 18.10	$ 13.98
1995-07-01	$ 9.74	$ 10.52	$ 8.87	$ 16.12	$ 18.12	$ 13.93
1995-08-01	$ 9.81	$ 10.64	$ 8.87	$ 16.12	$ 18.11	$ 13.94
1995-09-01	$ 9.78	$ 10.62	$ 8.83	$ 16.12	$ 18.16	$ 13.89
1995-10-01	$ 9.77	$ 10.58	$ 8.87	$ 16.12	$ 18.16	$ 13.88
1995-11-01	$ 9.79	$ 10.63	$ 8.86	$ 16.12	$ 18.17	$ 13.87
1995-12-01	$ 9.72	$ 10.53	$ 8.84	$ 16.06	$ 18.10	$ 13.83
1996-01-01	$ 9.68	$ 10.40	$ 8.86	$ 16.06	$ 18.10	$ 13.82
1996-02-01	$ 9.73	$ 10.46	$ 8.90	$ 16.04	$ 18.11	$ 13.78
1996-03-01	$ 9.78	$ 10.54	$ 8.89	$ 16.02	$ 18.08	$ 13.76
1996-04-01	$ 9.76	$ 10.53	$ 8.86	$ 16.03	$ 18.08	$ 13.78
1996-05-01	$ 9.73	$ 10.50	$ 8.83	$ 16.03	$ 18.14	$ 13.73
1996-06-01	$ 9.74	$ 10.55	$ 8.79	$ 16.00	$ 18.10	$ 13.71
1996-07-01	$ 9.72	$ 10.50	$ 8.79	$ 16.00	$ 18.08	$ 13.73
1996-08-01	$ 9.69	$ 10.45	$ 8.79	$ 16.01	$ 18.08	$ 13.76
1996-09-01	$ 9.76	$ 10.43	$ 8.97	$ 15.99	$ 18.02	$ 13.77
1996-10-01	$ 9.73	$ 10.40	$ 8.93	$ 15.97	$ 17.99	$ 13.76
1996-11-01	$ 9.73	$ 10.35	$ 9.00	$ 15.99	$ 18.02	$ 13.77
1996-12-01	$ 9.77	$ 10.39	$ 9.03	$ 16.00	$ 18.03	$ 13.77
1997-01-01	$ 9.79	$ 10.39	$ 9.07	$ 16.00	$ 18.05	$ 13.77
1997-02-01	$ 9.77	$ 10.32	$ 9.13	$ 16.03	$ 18.10	$ 13.78
1997-03-01	$ 9.73	$ 10.30	$ 9.08	$ 16.04	$ 18.16	$ 13.75
1997-04-01	$ 9.78	$ 10.38	$ 9.12	$ 16.08	$ 18.18	$ 13.80
1997-05-01	$ 9.84	$ 10.45	$ 9.17	$ 16.11	$ 18.19	$ 13.85
1997-06-01	$ 10.00	$ 10.65	$ 9.27	$ 16.15	$ 18.23	$ 13.88
1997-07-01	$ 10.02	$ 10.66	$ 9.28	$ 16.19	$ 18.29	$ 13.89
1997-08-01	$ 10.01	$ 10.64	$ 9.31	$ 16.20	$ 18.29	$ 13.90
1997-09-01	$ 9.97	$ 10.66	$ 9.17	$ 16.22	$ 18.35	$ 13.89
1997-10-01	$ 10.03	$ 10.71	$ 9.24	$ 16.22	$ 18.37	$ 13.87
1997-11-01	$ 10.02	$ 10.70	$ 9.23	$ 16.23	$ 18.35	$ 13.92
1997-12-01	$ 10.00	$ 10.61	$ 9.29	$ 16.28	$ 18.42	$ 13.96
1998-01-01	$ 10.04	$ 10.70	$ 9.26	$ 16.31	$ 18.44	$ 13.98
1998-02-01	$ 10.05	$ 10.72	$ 9.26	$ 16.31	$ 18.42	$ 14.01
1998-03-01	$ 10.07	$ 10.72	$ 9.28	$ 16.35	$ 18.43	$ 14.06
1998-04-01	$ 10.09	$ 10.71	$ 9.34	$ 16.37	$ 18.47	$ 14.05
1998-05-01	$ 10.12	$ 10.71	$ 9.41	$ 16.38	$ 18.48	$ 14.06
1998-06-01	$ 10.07	$ 10.56	$ 9.48	$ 16.41	$ 18.50	$ 14.11
1998-07-01	$ 10.15	$ 10.64	$ 9.58	$ 16.44	$ 18.53	$ 14.14
1998-08-01	$ 10.24	$ 10.77	$ 9.64	$ 16.51	$ 18.63	$ 14.19
1998-09-01	$ 10.26	$ 10.77	$ 9.67	$ 16.54	$ 18.66	$ 14.22
1998-10-01	$ 10.30	$ 10.81	$ 9.73	$ 16.58	$ 18.64	$ 14.30
1998-11-01	$ 10.37	$ 10.88	$ 9.78	$ 16.62	$ 18.70	$ 14.32
1998-12-01	$ 10.46	$ 11.00	$ 9.86	$ 16.67	$ 18.74	$ 14.37
1999-01-01	$ 10.52	$ 11.06	$ 9.91	$ 16.71	$ 18.80	$ 14.40
1999-02-01	$ 10.54	$ 11.07	$ 9.91	$ 16.73	$ 18.83	$ 14.40
1999-03-01	$ 10.61	$ 11.13	$ 9.98	$ 16.74	$ 18.83	$ 14.43
1999-04-01	$ 10.64	$ 11.17	$ 10.01	$ 16.78	$ 18.87	$ 14.47
1999-05-01	$ 10.65	$ 11.22	$ 9.98	$ 16.81	$ 18.88	$ 14.52
1999-06-01	$ 10.62	$ 11.21	$ 9.90	$ 16.83	$ 18.91	$ 14.51
1999-07-01	$ 10.69	$ 11.26	$ 9.98	$ 16.87	$ 18.93	$ 14.57
1999-08-01	$ 10.69	$ 11.25	$ 10.00	$ 16.87	$ 18.92	$ 14.59
1999-09-01	$ 10.75	$ 11.32	$ 10.03	$ 16.90	$ 18.99	$ 14.59
1999-10-01	$ 10.78	$ 11.41	$ 9.96	$ 16.93	$ 19.06	$ 14.57
1999-11-01	$ 10.89	$ 11.59	$ 10.00	$ 16.92	$ 19.07	$ 14.54
1999-12-01	$ 10.85	$ 11.59	$ 9.91	$ 16.91	$ 19.06	$ 14.52
2000-01-01	$ 10.85	$ 11.60	$ 9.89	$ 16.92	$ 19.06	$ 14.55
2000-02-01	$ 10.92	$ 11.69	$ 9.94	$ 16.96	$ 19.12	$ 14.57
2000-03-01	$ 11.01	$ 11.78	$ 10.05	$ 17.01	$ 19.20	$ 14.58
2000-04-01	$ 11.06	$ 11.90	$ 10.01	$ 17.02	$ 19.21	$ 14.59
2000-05-01	$ 11.14	$ 11.98	$ 10.10	$ 17.02	$ 19.23	$ 14.57
2000-06-01	$ 11.22	$ 12.09	$ 10.16	$ 17.01	$ 19.21	$ 14.57
2000-07-01	$ 11.21	$ 12.13	$ 10.11	$ 16.97	$ 19.19	$ 14.51
2000-08-01	$ 11.19	$ 12.09	$ 10.10	$ 16.97	$ 19.19	$ 14.52
2000-09-01	$ 11.22	$ 12.14	$ 10.11	$ 16.94	$ 19.11	$ 14.55
2000-10-01	$ 11.23	$ 12.09	$ 10.21	$ 16.96	$ 19.14	$ 14.54
2000-11-01	$ 11.23	$ 12.03	$ 10.28	$ 16.98	$ 19.16	$ 14.56
2000-12-01	$ 11.23	$ 12.02	$ 10.30	$ 16.99	$ 19.19	$ 14.57
2001-01-01	$ 11.27	$ 12.08	$ 10.32	$ 17.00	$ 19.17	$ 14.58
2001-02-01	$ 11.22	$ 12.07	$ 10.21	$ 17.00	$ 19.16	$ 14.60
2001-03-01	$ 11.13	$ 11.96	$ 10.13	$ 17.01	$ 19.12	$ 14.65
2001-04-01	$ 11.14	$ 11.92	$ 10.21	$ 17.01	$ 19.11	$ 14.67
2001-05-01	$ 11.09	$ 11.91	$ 10.14	$ 17.02	$ 19.11	$ 14.69
2001-06-01	$ 11.09	$ 11.80	$ 10.26	$ 17.07	$ 19.17	$ 14.74
2001-07-01	$ 11.08	$ 11.77	$ 10.26	$ 17.08	$ 19.18	$ 14.73
2001-08-01	$ 11.12	$ 11.82	$ 10.29	$ 17.11	$ 19.23	$ 14.74
2001-09-01	$ 11.16	$ 11.80	$ 10.42	$ 17.14	$ 19.25	$ 14.80
2001-10-01	$ 11.13	$ 11.83	$ 10.34	$ 17.16	$ 19.26	$ 14.83
2001-11-01	$ 11.09	$ 11.82	$ 10.28	$ 17.20	$ 19.30	$ 14.88
2001-12-01	$ 11.12	$ 11.81	$ 10.32	$ 17.23	$ 19.30	$ 14.92
2002-01-01	$ 11.10	$ 11.74	$ 10.35	$ 17.28	$ 19.36	$ 14.98
2002-02-01	$ 11.14	$ 11.73	$ 10.48	$ 17.33	$ 19.40	$ 15.03
2002-03-01	$ 11.22	$ 11.84	$ 10.50	$ 17.35	$ 19.43	$ 15.04
2002-04-01	$ 11.21	$ 11.87	$ 10.46	$ 17.38	$ 19.47	$ 15.05
2002-05-01	$ 11.23	$ 11.84	$ 10.52	$ 17.41	$ 19.47	$ 15.11
2002-06-01	$ 11.18	$ 11.86	$ 10.40	$ 17.42	$ 19.49	$ 15.11
2002-07-01	$ 11.15	$ 11.80	$ 10.42	$ 17.43	$ 19.45	$ 15.17
2002-08-01	$ 11.16	$ 11.83	$ 10.36	$ 17.44	$ 19.46	$ 15.17
2002-09-01	$ 11.07	$ 11.83	$ 10.18	$ 17.47	$ 19.49	$ 15.20
2002-10-01	$ 11.05	$ 11.80	$ 10.16	$ 17.48	$ 19.49	$ 15.21
2002-11-01	$ 11.01	$ 11.74	$ 10.14	$ 17.51	$ 19.52	$ 15.25
2002-12-01	$ 10.99	$ 11.74	$ 10.09	$ 17.52	$ 19.52	$ 15.26
2003-01-01	$ 11.01	$ 11.77	$ 10.09	$ 17.50	$ 19.50	$ 15.25
2003-02-01	$ 10.94	$ 11.73	$ 9.97	$ 17.48	$ 19.49	$ 15.23
2003-03-01	$ 10.85	$ 11.63	$ 9.92	$ 17.49	$ 19.50	$ 15.23
2003-04-01	$ 10.83	$ 11.57	$ 9.93	$ 17.50	$ 19.48	$ 15.27
2003-05-01	$ 10.81	$ 11.52	$ 9.94	$ 17.50	$ 19.48	$ 15.28
2003-06-01	$ 10.82	$ 11.55	$ 9.89	$ 17.50	$ 19.46	$ 15.30
2003-07-01	$ 10.83	$ 11.58	$ 9.89	$ 17.56	$ 19.54	$ 15.33
2003-08-01	$ 10.84	$ 11.57	$ 9.95	$ 17.56	$ 19.53	$ 15.34
2003-09-01	$ 10.98	$ 11.74	$ 10.03	$ 17.56	$ 19.52	$ 15.35
2003-10-01	$ 10.99	$ 11.73	$ 10.06	$ 17.59	$ 19.52	$ 15.41
2003-11-01	$ 11.06	$ 11.72	$ 10.24	$ 17.57	$ 19.48	$ 15.40
2003-12-01	$ 11.08	$ 11.70	$ 10.30	$ 17.58	$ 19.47	$ 15.44
2004-01-01	$ 11.04	$ 11.66	$ 10.27	$ 17.58	$ 19.47	$ 15.45
2004-02-01	$ 11.12	$ 11.69	$ 10.40	$ 17.57	$ 19.45	$ 15.44
2004-03-01	$ 11.16	$ 11.74	$ 10.45	$ 17.57	$ 19.45	$ 15.42
2004-04-01	$ 11.16	$ 11.68	$ 10.49	$ 17.59	$ 19.47	$ 15.44
2004-05-01	$ 11.29	$ 11.94	$ 10.44	$ 17.58	$ 19.47	$ 15.42
2004-06-01	$ 11.31	$ 11.95	$ 10.47	$ 17.59	$ 19.50	$ 15.40
2004-07-01	$ 11.25	$ 11.94	$ 10.36	$ 17.57	$ 19.47	$ 15.38
2004-08-01	$ 11.21	$ 11.89	$ 10.34	$ 17.55	$ 19.45	$ 15.37
2004-09-01	$ 11.09	$ 11.69	$ 10.31	$ 17.56	$ 19.47	$ 15.36
2004-10-01	$ 11.03	$ 11.58	$ 10.29	$ 17.50	$ 19.38	$ 15.32
2004-11-01	$ 10.95	$ 11.54	$ 10.18	$ 17.49	$ 19.38	$ 15.31
2004-12-01	$ 11.06	$ 11.86	$ 10.10	$ 17.49	$ 19.41	$ 15.26
2005-01-01	$ 11.02	$ 11.81	$ 10.06	$ 17.48	$ 19.40	$ 15.25
2005-02-01	$ 10.99	$ 11.80	$ 10.00	$ 17.49	$ 19.42	$ 15.24
2005-03-01	$ 10.90	$ 11.73	$ 9.91	$ 17.45	$ 19.35	$ 15.24
2005-04-01	$ 10.84	$ 11.70	$ 9.81	$ 17.42	$ 19.33	$ 15.18
2005-05-01	$ 10.73	$ 11.49	$ 9.83	$ 17.41	$ 19.30	$ 15.19
2005-06-01	$ 10.75	$ 11.55	$ 9.81	$ 17.42	$ 19.30	$ 15.19
2005-07-01	$ 10.81	$ 11.62	$ 9.88	$ 17.38	$ 19.24	$ 15.17
2005-08-01	$ 10.82	$ 11.65	$ 9.83	$ 17.35	$ 19.17	$ 15.18
2005-09-01	$ 10.83	$ 11.67	$ 9.82	$ 17.35	$ 19.13	$ 15.21
2005-10-01	$ 10.95	$ 11.92	$ 9.80	$ 17.34	$ 19.18	$ 15.16
2005-11-01	$ 10.92	$ 11.93	$ 9.74	$ 17.33	$ 19.17	$ 15.13
2005-12-01	$ 10.76	$ 11.60	$ 9.74	$ 17.29	$ 19.10	$ 15.12
2006-01-01	$ 10.84	$ 11.67	$ 9.83	$ 17.28	$ 19.09	$ 15.09
2006-02-01	$ 10.81	$ 11.66	$ 9.75	$ 17.24	$ 19.02	$ 15.08
2006-03-01	$ 10.87	$ 11.74	$ 9.76	$ 17.27	$ 19.09	$ 15.06
2006-04-01	$ 10.92	$ 11.79	$ 9.79	$ 17.29	$ 19.12	$ 15.06
2006-05-01	$ 10.89	$ 11.78	$ 9.76	$ 17.24	$ 19.09	$ 15.00
2006-06-01	$ 10.86	$ 11.79	$ 9.71	$ 17.20	$ 19.05	$ 14.97
2006-07-01	$ 10.83	$ 11.70	$ 9.74	$ 17.18	$ 19.04	$ 14.94
2006-08-01	$ 10.79	$ 11.67	$ 9.68	$ 17.21	$ 19.08	$ 14.96
2006-09-01	$ 10.83	$ 11.71	$ 9.72	$ 17.19	$ 19.09	$ 14.87
2006-10-01	$ 10.73	$ 11.53	$ 9.70	$ 17.23	$ 19.15	$ 14.90
2006-11-01	$ 10.75	$ 11.57	$ 9.68	$ 17.26	$ 19.18	$ 14.93
2006-12-01	$ 10.79	$ 11.60	$ 9.72	$ 17.32	$ 19.24	$ 14.97
2007-01-01	$ 10.77	$ 11.62	$ 9.66	$ 17.33	$ 19.25	$ 15.00
2007-02-01	$ 10.84	$ 11.67	$ 9.75	$ 17.40	$ 19.33	$ 15.05
2007-03-01	$ 10.93	$ 11.69	$ 9.95	$ 17.44	$ 19.35	$ 15.12
2007-04-01	$ 11.02	$ 11.74	$ 10.09	$ 17.43	$ 19.34	$ 15.12
2007-05-01	$ 11.06	$ 11.77	$ 10.13	$ 17.40	$ 19.28	$ 15.11
2007-06-01	$ 11.03	$ 11.70	$ 10.11	$ 17.41	$ 19.27	$ 15.14
2007-07-01	$ 11.01	$ 11.71	$ 10.06	$ 17.42	$ 19.30	$ 15.14
2007-08-01	$ 11.05	$ 11.74	$ 10.10	$ 17.43	$ 19.32	$ 15.12
2007-09-01	$ 11.01	$ 11.74	$ 10.03	$ 17.43	$ 19.31	$ 15.14
2007-10-01	$ 11.08	$ 11.85	$ 10.05	$ 17.38	$ 19.24	$ 15.12
2007-11-01	$ 11.05	$ 11.79	$ 10.06	$ 17.33	$ 19.20	$ 15.07
2007-12-01	$ 11.14	$ 11.99	$ 10.05	$ 17.29	$ 19.16	$ 15.02
2008-01-01	$ 11.12	$ 12.00	$ 10.02	$ 17.25	$ 19.11	$ 15.00
2008-02-01	$ 11.06	$ 11.91	$ 9.98	$ 17.20	$ 19.06	$ 14.94
2008-03-01	$ 10.94	$ 11.79	$ 9.84	$ 17.12	$ 18.96	$ 14.87
2008-04-01	$ 10.89	$ 11.73	$ 9.80	$ 17.09	$ 18.92	$ 14.85
2008-05-01	$ 10.86	$ 11.74	$ 9.73	$ 17.15	$ 19.01	$ 14.87
2008-06-01	$ 10.83	$ 11.69	$ 9.78	$ 17.15	$ 19.04	$ 14.84
2008-07-01	$ 10.78	$ 11.61	$ 9.74	$ 17.12	$ 19.00	$ 14.84
2008-08-01	$ 10.76	$ 11.58	$ 9.74	$ 17.10	$ 18.99	$ 14.79
2008-09-01	$ 10.70	$ 11.50	$ 9.70	$ 17.05	$ 18.95	$ 14.74
2008-10-01	$ 10.67	$ 11.43	$ 9.73	$ 17.09	$ 19.02	$ 14.71
2008-11-01	$ 10.86	$ 11.67	$ 9.80	$ 17.13	$ 19.04	$ 14.78
2008-12-01	$ 10.76	$ 11.46	$ 9.79	$ 17.14	$ 19.07	$ 14.77
2009-01-01	$ 10.74	$ 11.39	$ 9.84	$ 17.17	$ 19.15	$ 14.75
2009-02-01	$ 10.73	$ 11.38	$ 9.82	$ 17.20	$ 19.16	$ 14.80
2009-03-01	$ 10.74	$ 11.43	$ 9.79	$ 17.26	$ 19.22	$ 14.87
2009-04-01	$ 10.69	$ 11.44	$ 9.68	$ 17.33	$ 19.29	$ 14.93
2009-05-01	$ 10.71	$ 11.51	$ 9.68	$ 17.37	$ 19.32	$ 14.99
2009-06-01	$ 10.70	$ 11.47	$ 9.68	$ 17.41	$ 19.30	$ 15.12
2009-07-01	$ 10.75	$ 11.53	$ 9.72	$ 17.45	$ 19.35	$ 15.14
2009-08-01	$ 10.80	$ 11.49	$ 9.89	$ 17.49	$ 19.39	$ 15.19
2009-09-01	$ 10.79	$ 11.48	$ 9.88	$ 17.51	$ 19.38	$ 15.24
2009-10-01	$ 10.67	$ 11.31	$ 9.82	$ 17.50	$ 19.34	$ 15.28
2009-11-01	$ 10.47	$ 11.04	$ 9.72	$ 17.54	$ 19.38	$ 15.31
2009-12-01	$ 10.46	$ 11.09	$ 9.66	$ 17.54	$ 19.38	$ 15.31
2010-01-01	$ 10.45	$ 11.12	$ 9.58	$ 17.57	$ 19.42	$ 15.34
2010-02-01	$ 10.46	$ 11.08	$ 9.65	$ 17.52	$ 19.36	$ 15.31
2010-03-01	$ 10.40	$ 11.05	$ 9.58	$ 17.49	$ 19.33	$ 15.27
2010-04-01	$ 10.36	$ 11.00	$ 9.51	$ 17.43	$ 19.24	$ 15.25
2010-05-01	$ 10.32	$ 10.90	$ 9.53	$ 17.39	$ 19.20	$ 15.22
2010-06-01	$ 10.38	$ 10.97	$ 9.55	$ 17.35	$ 19.19	$ 15.13
2010-07-01	$ 10.38	$ 10.99	$ 9.53	$ 17.34	$ 19.17	$ 15.11
2010-08-01	$ 10.27	$ 10.93	$ 9.38	$ 17.31	$ 19.08	$ 15.15
2010-09-01	$ 10.34	$ 10.95	$ 9.51	$ 17.31	$ 19.11	$ 15.13
2010-10-01	$ 10.41	$ 11.01	$ 9.58	$ 17.28	$ 19.04	$ 15.13
2010-11-01	$ 10.42	$ 11.03	$ 9.60	$ 17.26	$ 19.04	$ 15.09
2010-12-01	$ 10.41	$ 10.98	$ 9.65	$ 17.23	$ 19.00	$ 15.08
2011-01-01	$ 10.50	$ 11.08	$ 9.72	$ 17.18	$ 18.88	$ 15.09
2011-02-01	$ 10.46	$ 11.10	$ 9.62	$ 17.19	$ 18.91	$ 15.06
2011-03-01	$ 10.47	$ 11.06	$ 9.69	$ 17.15	$ 18.85	$ 15.04
2011-04-01	$ 10.35	$ 10.90	$ 9.65	$ 17.14	$ 18.86	$ 14.99
2011-05-01	$ 10.34	$ 10.87	$ 9.63	$ 17.12	$ 18.84	$ 14.95
2011-06-01	$ 10.28	$ 10.78	$ 9.61	$ 17.09	$ 18.82	$ 14.91
2011-07-01	$ 10.21	$ 10.71	$ 9.54	$ 17.05	$ 18.78	$ 14.87
2011-08-01	$ 10.22	$ 10.70	$ 9.57	$ 16.99	$ 18.75	$ 14.78
2011-09-01	$ 10.13	$ 10.61	$ 9.49	$ 16.99	$ 18.72	$ 14.79
2011-10-01	$ 10.10	$ 10.61	$ 9.41	$ 16.96	$ 18.71	$ 14.75
2011-11-01	$ 10.04	$ 10.55	$ 9.31	$ 16.87	$ 18.58	$ 14.71
2011-12-01	$ 9.99	$ 10.56	$ 9.22	$ 16.89	$ 18.62	$ 14.69
2012-01-01	$ 9.84	$ 10.35	$ 9.15	$ 16.87	$ 18.63	$ 14.64
2012-02-01	$ 9.82	$ 10.34	$ 9.08	$ 16.83	$ 18.57	$ 14.63
2012-03-01	$ 9.85	$ 10.37	$ 9.10	$ 16.80	$ 18.55	$ 14.58
2012-04-01	$ 9.96	$ 10.52	$ 9.17	$ 16.81	$ 18.56	$ 14.60
2012-05-01	$ 9.90	$ 10.44	$ 9.17	$ 16.78	$ 18.52	$ 14.58
2012-06-01	$ 9.89	$ 10.44	$ 9.16	$ 16.79	$ 18.55	$ 14.56
2012-07-01	$ 9.88	$ 10.40	$ 9.18	$ 16.77	$ 18.51	$ 14.56
2012-08-01	$ 9.94	$ 10.51	$ 9.17	$ 16.80	$ 18.52	$ 14.62
2012-09-01	$ 9.90	$ 10.50	$ 9.07	$ 16.78	$ 18.52	$ 14.57
2012-10-01	$ 9.89	$ 10.50	$ 9.04	$ 16.82	$ 18.56	$ 14.60
2012-11-01	$ 9.85	$ 10.46	$ 9.03	$ 16.82	$ 18.56	$ 14.57
2012-12-01	$ 9.81	$ 10.41	$ 9.01	$ 16.77	$ 18.48	$ 14.57
2013-01-01	$ 9.82	$ 10.47	$ 8.96	$ 16.75	$ 18.43	$ 14.58
2013-02-01	$ 9.84	$ 10.46	$ 9.04	$ 16.76	$ 18.43	$ 14.59
2013-03-01	$ 9.80	$ 10.37	$ 9.06	$ 16.81	$ 18.47	$ 14.64
2013-04-01	$ 9.85	$ 10.35	$ 9.20	$ 16.77	$ 18.43	$ 14.61
2013-05-01	$ 9.87	$ 10.36	$ 9.23	$ 16.76	$ 18.41	$ 14.64
2013-06-01	$ 9.82	$ 10.33	$ 9.17	$ 16.73	$ 18.33	$ 14.65
2013-07-01	$ 9.84	$ 10.36	$ 9.18	$ 16.75	$ 18.38	$ 14.64
2013-08-01	$ 9.78	$ 10.31	$ 9.14	$ 16.70	$ 18.36	$ 14.56
2013-09-01	$ 9.81	$ 10.33	$ 9.19	$ 16.69	$ 18.33	$ 14.56
2013-10-01	$ 9.83	$ 10.34	$ 9.19	$ 16.66	$ 18.29	$ 14.55
2013-11-01	$ 9.98	$ 10.55	$ 9.23	$ 16.61	$ 18.21	$ 14.55
2013-12-01	$ 10.03	$ 10.56	$ 9.30	$ 16.62	$ 18.22	$ 14.55
2014-01-01	$ 10.00	$ 10.52	$ 9.29	$ 16.60	$ 18.20	$ 14.51
2014-02-01	$ 9.99	$ 10.54	$ 9.24	$ 16.60	$ 18.21	$ 14.51
2014-03-01	$ 10.00	$ 10.59	$ 9.20	$ 16.57	$ 18.16	$ 14.50
2014-04-01	$ 9.99	$ 10.71	$ 9.01	$ 16.57	$ 18.17	$ 14.49
2014-05-01	$ 9.99	$ 10.75	$ 8.95	$ 16.55	$ 18.14	$ 14.46
2014-06-01	$ 10.07	$ 10.78	$ 9.09	$ 16.54	$ 18.15	$ 14.42
2014-07-01	$ 10.06	$ 10.76	$ 9.09	$ 16.69	$ 18.38	$ 14.45
2014-08-01	$ 10.09	$ 10.79	$ 9.11	$ 16.72	$ 18.40	$ 14.48
2014-09-01	$ 10.14	$ 10.85	$ 9.14	$ 16.73	$ 18.40	$ 14.51
2014-10-01	$ 10.16	$ 10.89	$ 9.16	$ 16.72	$ 18.38	$ 14.50
2014-11-01	$ 10.13	$ 10.78	$ 9.24	$ 16.77	$ 18.47	$ 14.51
2014-12-01	$ 10.17	$ 10.87	$ 9.19	$ 16.79	$ 18.51	$ 14.50
2015-01-01	$ 10.21	$ 10.86	$ 9.31	$ 16.87	$ 18.59	$ 14.58
2015-02-01	$ 10.31	$ 10.96	$ 9.38	$ 16.89	$ 18.64	$ 14.56
2015-03-01	$ 10.40	$ 11.06	$ 9.42	$ 16.93	$ 18.70	$ 14.57

ChartData Download data

* Data reflect 12-month moving averages; data for 2015 represent 12-month average from April 2014 to March 2015.

Note: The age 17–20 cohort includes only those workers who are not enrolled in further schooling. Shaded areas denote recessions.

Source: EPI analysis of Current Population Survey Outgoing Rotation Group microdata

Real average hourly wages of workers with a bachelor's degree, by age, 1989–2015*

Date	All	Men	Women	All	Men	Women
1989-12-01	$16.85	$17.53	$16.36	$25.39	$29.31	$21.14
1990-01-01	$16.94	$17.72	$16.39	$25.51	$29.37	$21.26
1990-02-01	$16.92	$17.72	$16.36	$25.58	$29.44	$21.28
1990-03-01	$16.99	$17.78	$16.45	$25.70	$29.58	$21.32
1990-04-01	$17.15	$18.22	$16.40	$25.78	$29.65	$21.39
1990-05-01	$17.38	$18.22	$16.78	$25.83	$29.69	$21.46
1990-06-01	$17.40	$18.25	$16.76	$25.87	$29.67	$21.51
1990-07-01	$17.36	$18.33	$16.59	$25.97	$29.79	$21.57
1990-08-01	$17.37	$18.35	$16.60	$25.93	$29.68	$21.60
1990-09-01	$17.43	$18.41	$16.66	$25.96	$29.71	$21.64
1990-10-01	$17.37	$18.44	$16.56	$25.92	$29.74	$21.54
1990-11-01	$17.45	$18.45	$16.69	$25.90	$29.67	$21.62
1990-12-01	$17.43	$18.41	$16.67	$25.89	$29.59	$21.66
1991-01-01	$17.46	$18.33	$16.76	$25.85	$29.54	$21.66
1991-02-01	$17.42	$18.29	$16.74	$25.80	$29.46	$21.68
1991-03-01	$17.28	$18.30	$16.49	$25.74	$29.33	$21.72
1991-04-01	$17.14	$17.85	$16.55	$25.68	$29.25	$21.68
1991-05-01	$17.05	$18.10	$16.22	$25.62	$29.23	$21.61
1991-06-01	$16.95	$17.92	$16.21	$25.52	$29.06	$21.60
1991-07-01	$17.09	$18.07	$16.34	$25.54	$29.08	$21.62
1991-08-01	$16.99	$18.03	$16.20	$25.52	$29.03	$21.63
1991-09-01	$16.85	$17.97	$15.98	$25.54	$29.04	$21.64
1991-10-01	$16.80	$17.76	$16.06	$25.53	$28.97	$21.70
1991-11-01	$16.69	$17.58	$15.98	$25.50	$28.98	$21.63
1991-12-01	$16.64	$17.52	$15.94	$25.52	$29.03	$21.62
1992-01-01	$16.59	$17.46	$15.91	$25.65	$29.17	$21.72
1992-02-01	$16.57	$17.44	$15.88	$25.70	$29.25	$21.75
1992-03-01	$16.55	$17.32	$15.93	$25.70	$29.30	$21.70
1992-04-01	$16.58	$17.42	$15.89	$25.80	$29.42	$21.79
1992-05-01	$16.38	$17.06	$15.84	$25.92	$29.50	$21.96
1992-06-01	$16.43	$17.10	$15.90	$25.96	$29.55	$21.97
1992-07-01	$16.35	$16.90	$15.90	$26.02	$29.59	$22.03
1992-08-01	$16.29	$16.82	$15.84	$25.99	$29.56	$22.05
1992-09-01	$16.30	$16.68	$15.98	$26.10	$29.63	$22.21
1992-10-01	$16.36	$16.83	$15.95	$26.14	$29.66	$22.26
1992-11-01	$16.28	$16.81	$15.84	$26.16	$29.63	$22.33
1992-12-01	$16.10	$16.64	$15.66	$26.17	$29.63	$22.36
1993-01-01	$16.17	$16.82	$15.62	$26.15	$29.62	$22.34
1993-02-01	$16.14	$16.92	$15.49	$26.13	$29.59	$22.35
1993-03-01	$16.21	$17.08	$15.50	$26.14	$29.55	$22.41
1993-04-01	$16.08	$16.85	$15.47	$26.09	$29.48	$22.38
1993-05-01	$16.16	$16.89	$15.57	$26.10	$29.48	$22.38
1993-06-01	$16.22	$16.90	$15.68	$26.11	$29.47	$22.44
1993-07-01	$16.06	$16.60	$15.63	$26.09	$29.46	$22.42
1993-08-01	$16.07	$16.64	$15.60	$26.13	$29.51	$22.44
1993-09-01	$15.99	$16.74	$15.40	$26.06	$29.45	$22.36
1993-10-01	$16.09	$16.80	$15.56	$26.12	$29.53	$22.41
1993-11-01	$16.06	$16.80	$15.52	$26.18	$29.65	$22.39
1993-12-01	$16.16	$16.93	$15.58	$26.17	$29.60	$22.43
1994-01-01	$16.21	$16.90	$15.72	$26.18	$29.59	$22.47
1994-02-01	$16.33	$17.11	$15.82	$26.24	$29.59	$22.59
1994-03-01	$16.31	$17.00	$15.84	$26.32	$29.64	$22.67
1994-04-01	$16.28	$17.01	$15.77	$26.35	$29.65	$22.73
1994-05-01	$16.24	$17.11	$15.61	$26.38	$29.71	$22.73
1994-06-01	$16.15	$17.14	$15.43	$26.47	$29.89	$22.71
1994-07-01	$16.15	$17.34	$15.28	$26.48	$29.91	$22.72
1994-08-01	$16.10	$17.12	$15.38	$26.50	$29.85	$22.81
1994-09-01	$16.13	$17.06	$15.46	$26.58	$29.96	$22.86
1994-10-01	$16.12	$17.19	$15.29	$26.58	$29.91	$22.91
1994-11-01	$16.19	$17.40	$15.28	$26.57	$29.84	$22.96
1994-12-01	$16.18	$17.26	$15.35	$26.69	$30.00	$23.02
1995-01-01	$16.07	$17.17	$15.20	$26.64	$29.90	$23.01
1995-02-01	$16.01	$16.94	$15.24	$26.69	$29.98	$23.03
1995-03-01	$15.90	$16.84	$15.15	$26.62	$29.91	$22.97
1995-04-01	$15.96	$16.94	$15.18	$26.64	$30.00	$22.92
1995-05-01	$15.92	$16.81	$15.22	$26.69	$30.04	$22.99
1995-06-01	$15.93	$16.78	$15.26	$26.70	$29.93	$23.11
1995-07-01	$15.99	$16.71	$15.44	$26.73	$29.94	$23.16
1995-08-01	$15.96	$16.80	$15.31	$26.66	$29.85	$23.13
1995-09-01	$15.90	$16.77	$15.23	$26.67	$29.83	$23.15
1995-10-01	$15.72	$16.49	$15.16	$26.68	$29.88	$23.11
1995-11-01	$15.76	$16.44	$15.26	$26.71	$29.97	$23.09
1995-12-01	$15.77	$16.52	$15.22	$26.68	$29.97	$23.04
1996-01-01	$15.72	$16.57	$15.15	$26.78	$30.19	$23.07
1996-02-01	$15.65	$16.42	$15.13	$26.75	$30.16	$23.05
1996-03-01	$15.82	$16.43	$15.39	$26.77	$30.19	$23.06
1996-04-01	$15.78	$16.35	$15.39	$26.71	$30.07	$23.11
1996-05-01	$15.73	$16.24	$15.38	$26.65	$30.07	$22.98
1996-06-01	$15.65	$16.12	$15.32	$26.55	$30.06	$22.84
1996-07-01	$15.60	$16.10	$15.25	$26.44	$29.91	$22.77
1996-08-01	$15.91	$16.25	$15.67	$26.50	$30.02	$22.78
1996-09-01	$15.94	$16.31	$15.67	$26.51	$30.04	$22.80
1996-10-01	$15.93	$16.35	$15.67	$26.46	$29.99	$22.74
1996-11-01	$15.83	$16.25	$15.55	$26.49	$30.03	$22.77
1996-12-01	$15.83	$16.24	$15.57	$26.35	$29.79	$22.76
1997-01-01	$15.86	$16.19	$15.60	$26.33	$29.71	$22.76
1997-02-01	$15.75	$16.21	$15.42	$26.38	$29.76	$22.80
1997-03-01	$15.92	$16.60	$15.40	$26.40	$29.75	$22.83
1997-04-01	$16.00	$16.74	$15.45	$26.43	$29.84	$22.82
1997-05-01	$16.08	$16.84	$15.51	$26.45	$29.77	$22.93
1997-06-01	$16.21	$16.96	$15.66	$26.51	$29.81	$23.00
1997-07-01	$16.29	$17.16	$15.67	$26.64	$29.96	$23.13
1997-08-01	$16.14	$17.12	$15.43	$26.77	$30.13	$23.21
1997-09-01	$16.28	$17.26	$15.57	$26.81	$30.20	$23.26
1997-10-01	$16.35	$17.28	$15.65	$26.91	$30.32	$23.34
1997-11-01	$16.40	$17.39	$15.65	$27.02	$30.45	$23.43
1997-12-01	$16.46	$17.60	$15.63	$27.17	$30.69	$23.48
1998-01-01	$16.54	$17.74	$15.67	$27.27	$30.84	$23.55
1998-02-01	$16.78	$18.09	$15.81	$27.34	$30.94	$23.60
1998-03-01	$16.72	$18.22	$15.65	$27.48	$31.13	$23.69
1998-04-01	$16.91	$18.63	$15.75	$27.64	$31.29	$23.84
1998-05-01	$17.15	$18.82	$16.03	$27.72	$31.36	$23.94
1998-06-01	$17.18	$18.85	$16.05	$27.81	$31.40	$24.06
1998-07-01	$17.18	$18.74	$16.11	$27.91	$31.55	$24.07
1998-08-01	$17.59	$19.71	$16.09	$27.97	$31.60	$24.14
1998-09-01	$17.81	$20.04	$16.13	$28.04	$31.67	$24.21
1998-10-01	$17.96	$20.14	$16.33	$28.24	$31.92	$24.30
1998-11-01	$18.17	$20.39	$16.51	$28.32	$32.02	$24.37
1998-12-01	$18.28	$20.49	$16.63	$28.47	$32.22	$24.46
1999-01-01	$18.47	$20.46	$17.03	$28.49	$32.19	$24.51
1999-02-01	$18.47	$20.41	$17.05	$28.56	$32.23	$24.60
1999-03-01	$18.45	$20.08	$17.24	$28.61	$32.29	$24.64
1999-04-01	$18.23	$19.47	$17.23	$28.66	$32.40	$24.63
1999-05-01	$18.17	$19.67	$17.02	$28.79	$32.68	$24.61
1999-06-01	$18.29	$19.95	$17.07	$28.90	$32.86	$24.65
1999-07-01	$18.57	$20.11	$17.43	$29.01	$32.96	$24.77
1999-08-01	$18.28	$19.19	$17.65	$29.02	$32.97	$24.83
1999-09-01	$18.07	$18.84	$17.63	$29.06	$33.12	$24.76
1999-10-01	$18.17	$19.02	$17.68	$29.08	$33.10	$24.85
1999-11-01	$18.12	$18.94	$17.68	$29.08	$32.99	$24.97
1999-12-01	$18.37	$19.14	$17.93	$29.15	$33.10	$24.99
2000-01-01	$18.36	$19.41	$17.67	$29.25	$33.25	$25.02
2000-02-01	$18.37	$19.35	$17.75	$29.35	$33.38	$25.09
2000-03-01	$18.41	$19.44	$17.74	$29.36	$33.39	$25.10
2000-04-01	$18.53	$19.85	$17.71	$29.34	$33.34	$25.11
2000-05-01	$18.45	$19.66	$17.67	$29.37	$33.37	$25.17
2000-06-01	$18.60	$19.62	$17.92	$29.49	$33.56	$25.22
2000-07-01	$18.48	$19.63	$17.68	$29.56	$33.70	$25.23
2000-08-01	$18.54	$19.68	$17.75	$29.67	$33.84	$25.29
2000-09-01	$18.67	$19.70	$17.94	$29.75	$33.76	$25.51
2000-10-01	$18.70	$19.72	$17.99	$29.73	$33.71	$25.54
2000-11-01	$18.70	$19.57	$18.06	$29.72	$33.78	$25.44
2000-12-01	$18.67	$19.54	$18.04	$29.75	$33.71	$25.58
2001-01-01	$18.53	$19.36	$17.95	$29.82	$33.86	$25.58
2001-02-01	$18.59	$19.37	$18.03	$29.76	$33.88	$25.46
2001-03-01	$18.80	$19.81	$18.14	$29.83	$33.95	$25.53
2001-04-01	$18.86	$19.96	$18.10	$29.91	$34.02	$25.59
2001-05-01	$19.11	$20.31	$18.27	$29.92	$33.99	$25.65
2001-06-01	$18.94	$20.23	$18.07	$30.00	$34.03	$25.76
2001-07-01	$19.00	$20.15	$18.23	$29.96	$33.94	$25.77
2001-08-01	$18.98	$20.29	$18.04	$30.16	$34.06	$26.04
2001-09-01	$19.14	$20.73	$18.01	$30.17	$34.14	$25.97
2001-10-01	$19.08	$20.62	$17.98	$30.21	$34.18	$25.99
2001-11-01	$19.06	$20.58	$17.98	$30.23	$34.16	$26.06
2001-12-01	$18.85	$20.38	$17.76	$30.33	$34.31	$26.14
2002-01-01	$19.01	$20.56	$17.93	$30.35	$34.27	$26.21
2002-02-01	$19.18	$20.83	$18.05	$30.56	$34.57	$26.34
2002-03-01	$18.85	$20.31	$17.80	$30.62	$34.71	$26.33
2002-04-01	$18.79	$19.94	$17.95	$30.72	$34.85	$26.41
2002-05-01	$18.61	$19.64	$17.88	$30.68	$34.76	$26.41
2002-06-01	$18.64	$19.74	$17.86	$30.61	$34.72	$26.31
2002-07-01	$18.50	$19.72	$17.63	$30.68	$34.77	$26.42
2002-08-01	$18.46	$19.65	$17.65	$30.55	$34.65	$26.29
2002-09-01	$18.45	$19.74	$17.60	$30.52	$34.57	$26.34
2002-10-01	$18.48	$19.80	$17.61	$30.52	$34.60	$26.31
2002-11-01	$18.64	$20.04	$17.69	$30.55	$34.66	$26.32
2002-12-01	$18.66	$20.14	$17.69	$30.47	$34.63	$26.22
2003-01-01	$18.68	$20.11	$17.75	$30.44	$34.61	$26.17
2003-02-01	$18.44	$19.75	$17.58	$30.34	$34.44	$26.17
2003-03-01	$18.45	$19.60	$17.70	$30.34	$34.43	$26.16
2003-04-01	$18.46	$19.63	$17.69	$30.38	$34.46	$26.21
2003-05-01	$18.47	$19.72	$17.66	$30.47	$34.54	$26.31
2003-06-01	$18.45	$19.60	$17.70	$30.49	$34.54	$26.35
2003-07-01	$18.36	$19.42	$17.68	$30.41	$34.51	$26.24
2003-08-01	$18.32	$19.43	$17.59	$30.33	$34.52	$26.07
2003-09-01	$18.15	$19.16	$17.48	$30.30	$34.52	$26.01
2003-10-01	$18.20	$19.37	$17.42	$30.38	$34.61	$26.08
2003-11-01	$18.02	$19.19	$17.25	$30.44	$34.70	$26.11
2003-12-01	$17.99	$18.85	$17.43	$30.42	$34.60	$26.15
2004-01-01	$17.79	$18.43	$17.39	$30.47	$34.66	$26.20
2004-02-01	$17.87	$18.67	$17.35	$30.40	$34.51	$26.18
2004-03-01	$17.95	$18.84	$17.38	$30.39	$34.46	$26.21
2004-04-01	$18.18	$18.94	$17.68	$30.25	$34.23	$26.16
2004-05-01	$18.27	$18.96	$17.80	$30.20	$34.30	$26.01
2004-06-01	$18.13	$18.96	$17.57	$30.27	$34.49	$25.95
2004-07-01	$18.34	$19.09	$17.82	$30.30	$34.45	$26.06
2004-08-01	$18.31	$18.99	$17.86	$30.39	$34.56	$26.12
2004-09-01	$18.36	$19.17	$17.78	$30.51	$34.64	$26.27
2004-10-01	$18.32	$18.87	$17.92	$30.47	$34.57	$26.26
2004-11-01	$18.27	$19.00	$17.74	$30.40	$34.45	$26.25
2004-12-01	$18.26	$19.12	$17.61	$30.41	$34.51	$26.20
2005-01-01	$18.39	$19.47	$17.58	$30.33	$34.35	$26.20
2005-02-01	$18.25	$19.12	$17.58	$30.42	$34.55	$26.22
2005-03-01	$18.14	$19.10	$17.41	$30.44	$34.56	$26.25
2005-04-01	$17.96	$19.19	$17.04	$30.47	$34.67	$26.23
2005-05-01	$18.01	$19.57	$16.82	$30.51	$34.69	$26.30
2005-06-01	$18.15	$19.77	$16.93	$30.37	$34.43	$26.28
2005-07-01	$18.06	$19.88	$16.72	$30.47	$34.53	$26.38
2005-08-01	$18.19	$20.11	$16.76	$30.39	$34.41	$26.35
2005-09-01	$18.06	$19.71	$16.86	$30.33	$34.41	$26.22
2005-10-01	$17.97	$19.64	$16.76	$30.34	$34.45	$26.22
2005-11-01	$18.04	$19.48	$17.00	$30.28	$34.37	$26.20
2005-12-01	$17.95	$19.37	$16.93	$30.34	$34.44	$26.25
2006-01-01	$17.82	$19.25	$16.78	$30.35	$34.45	$26.25
2006-02-01	$18.10	$19.53	$17.07	$30.33	$34.46	$26.24
2006-03-01	$18.17	$19.63	$17.14	$30.23	$34.41	$26.14
2006-04-01	$18.13	$19.38	$17.25	$30.28	$34.45	$26.18
2006-05-01	$17.95	$18.81	$17.37	$30.21	$34.25	$26.22
2006-06-01	$17.85	$18.69	$17.27	$30.36	$34.40	$26.36
2006-07-01	$18.03	$18.77	$17.52	$30.25	$34.27	$26.29
2006-08-01	$17.81	$18.37	$17.42	$30.28	$34.26	$26.39
2006-09-01	$17.87	$18.47	$17.45	$30.26	$34.19	$26.39
2006-10-01	$17.98	$18.69	$17.48	$30.19	$34.15	$26.29
2006-11-01	$18.01	$18.86	$17.41	$30.25	$34.25	$26.31
2006-12-01	$18.08	$19.05	$17.40	$30.22	$34.23	$26.28
2007-01-01	$18.16	$19.21	$17.41	$30.21	$34.23	$26.25
2007-02-01	$18.30	$19.60	$17.37	$30.11	$34.05	$26.21
2007-03-01	$18.31	$19.61	$17.33	$30.17	$34.01	$26.32
2007-04-01	$18.37	$19.94	$17.25	$30.15	$34.04	$26.25
2007-05-01	$18.39	$20.00	$17.23	$30.25	$34.30	$26.20
2007-06-01	$18.44	$20.19	$17.19	$30.29	$34.45	$26.17
2007-07-01	$18.26	$20.29	$16.82	$30.37	$34.66	$26.14
2007-08-01	$18.48	$20.56	$17.00	$30.37	$34.67	$26.11
2007-09-01	$18.64	$20.64	$17.22	$30.42	$34.73	$26.16
2007-10-01	$18.59	$20.74	$17.10	$30.43	$34.75	$26.20
2007-11-01	$18.60	$20.60	$17.20	$30.45	$34.74	$26.20
2007-12-01	$18.56	$20.34	$17.33	$30.49	$34.76	$26.26
2008-01-01	$18.46	$19.92	$17.46	$30.46	$34.75	$26.24
2008-02-01	$18.16	$19.35	$17.36	$30.55	$34.90	$26.28
2008-03-01	$18.27	$19.43	$17.52	$30.62	$35.05	$26.28
2008-04-01	$18.27	$19.34	$17.51	$30.55	$34.91	$26.27
2008-05-01	$18.28	$19.26	$17.58	$30.47	$34.79	$26.23
2008-06-01	$18.34	$19.05	$17.83	$30.31	$34.56	$26.13
2008-07-01	$18.26	$18.80	$17.84	$30.18	$34.38	$26.03
2008-08-01	$18.25	$19.02	$17.72	$30.18	$34.38	$26.04
2008-09-01	$18.07	$18.94	$17.47	$30.17	$34.39	$26.00
2008-10-01	$18.05	$18.64	$17.63	$30.27	$34.47	$26.10
2008-11-01	$18.02	$18.66	$17.55	$30.42	$34.81	$26.08
2008-12-01	$18.17	$18.86	$17.66	$30.42	$34.79	$26.12
2009-01-01	$18.29	$19.15	$17.65	$30.69	$35.16	$26.27
2009-02-01	$18.24	$19.26	$17.51	$30.70	$35.20	$26.29
2009-03-01	$18.16	$19.14	$17.48	$30.66	$35.23	$26.20
2009-04-01	$18.16	$19.19	$17.49	$30.76	$35.41	$26.22
2009-05-01	$18.18	$19.44	$17.34	$30.80	$35.48	$26.25
2009-06-01	$18.29	$19.69	$17.32	$30.92	$35.66	$26.33
2009-07-01	$18.65	$20.35	$17.54	$31.04	$35.84	$26.42
2009-08-01	$18.59	$20.19	$17.52	$31.09	$35.96	$26.40
2009-09-01	$18.63	$20.03	$17.72	$31.11	$35.95	$26.46
2009-10-01	$18.45	$19.86	$17.52	$30.96	$35.76	$26.38
2009-11-01	$18.78	$20.90	$17.40	$30.79	$35.53	$26.31
2009-12-01	$18.60	$20.85	$17.13	$30.68	$35.40	$26.20
2010-01-01	$18.56	$20.91	$17.05	$30.54	$35.20	$26.14
2010-02-01	$18.51	$20.91	$16.94	$30.49	$35.14	$26.08
2010-03-01	$18.59	$21.20	$16.85	$30.38	$34.94	$26.04
2010-04-01	$18.73	$21.43	$16.84	$30.44	$34.92	$26.15
2010-05-01	$18.47	$21.12	$16.64	$30.47	$34.98	$26.16
2010-06-01	$18.22	$20.66	$16.57	$30.40	$34.81	$26.20
2010-07-01	$17.84	$19.73	$16.50	$30.37	$34.72	$26.24
2010-08-01	$17.89	$19.69	$16.61	$30.38	$34.67	$26.32
2010-09-01	$17.80	$19.94	$16.25	$30.44	$34.77	$26.31
2010-10-01	$17.99	$20.19	$16.39	$30.56	$34.93	$26.41
2010-11-01	$17.60	$19.12	$16.45	$30.55	$34.86	$26.44
2010-12-01	$17.58	$19.07	$16.47	$30.69	$35.01	$26.55
2011-01-01	$17.45	$18.80	$16.42	$30.68	$35.06	$26.51
2011-02-01	$17.53	$18.90	$16.48	$30.61	$34.91	$26.49
2011-03-01	$17.67	$19.20	$16.44	$30.67	$34.96	$26.55
2011-04-01	$17.40	$18.71	$16.39	$30.53	$34.76	$26.49
2011-05-01	$17.56	$18.80	$16.59	$30.47	$34.64	$26.48
2011-06-01	$17.53	$18.86	$16.50	$30.36	$34.46	$26.43
2011-07-01	$17.69	$19.11	$16.64	$30.19	$34.19	$26.33
2011-08-01	$17.70	$19.20	$16.56	$30.08	$34.07	$26.22
2011-09-01	$17.69	$18.99	$16.71	$29.94	$33.93	$26.10
2011-10-01	$17.55	$18.91	$16.54	$29.81	$33.78	$25.98
2011-11-01	$17.56	$19.04	$16.43	$29.80	$33.78	$25.94
2011-12-01	$17.68	$19.20	$16.54	$29.76	$33.82	$25.84
2012-01-01	$17.57	$19.11	$16.37	$29.76	$33.74	$25.87
2012-02-01	$17.35	$18.74	$16.25	$29.70	$33.60	$25.90
2012-03-01	$16.86	$17.85	$16.13	$29.75	$33.77	$25.84
2012-04-01	$16.84	$17.98	$16.00	$29.78	$33.88	$25.80
2012-05-01	$16.85	$18.01	$15.99	$29.76	$33.88	$25.80
2012-06-01	$16.91	$18.08	$16.02	$29.87	$34.07	$25.82
2012-07-01	$16.90	$18.41	$15.78	$30.03	$34.40	$25.79
2012-08-01	$16.79	$18.26	$15.71	$30.01	$34.44	$25.71
2012-09-01	$16.85	$18.30	$15.77	$30.10	$34.48	$25.86
2012-10-01	$16.84	$18.35	$15.75	$30.17	$34.69	$25.82
2012-11-01	$16.96	$18.39	$15.93	$30.14	$34.80	$25.67
2012-12-01	$17.07	$18.44	$16.08	$30.16	$34.77	$25.73
2013-01-01	$17.21	$18.55	$16.25	$30.15	$34.72	$25.75
2013-02-01	$17.31	$18.67	$16.34	$30.30	$34.96	$25.80
2013-03-01	$17.46	$18.93	$16.41	$30.28	$34.85	$25.84
2013-04-01	$17.41	$18.85	$16.31	$30.46	$35.10	$25.95
2013-05-01	$17.44	$18.99	$16.24	$30.50	$35.18	$25.95
2013-06-01	$17.39	$18.91	$16.21	$30.50	$35.12	$26.02
2013-07-01	$17.24	$18.52	$16.21	$30.43	$35.03	$25.97
2013-08-01	$17.40	$18.87	$16.20	$30.53	$35.07	$26.13
2013-09-01	$17.38	$19.07	$16.06	$30.60	$35.28	$26.06
2013-10-01	$17.50	$19.30	$16.05	$30.53	$35.12	$26.05
2013-11-01	$17.47	$19.27	$16.03	$30.63	$35.07	$26.30
2013-12-01	$17.27	$19.21	$15.74	$30.70	$35.08	$26.40
2014-01-01	$17.27	$19.45	$15.57	$30.69	$35.07	$26.37
2014-02-01	$17.24	$19.44	$15.53	$30.61	$34.90	$26.39
2014-03-01	$17.23	$19.46	$15.46	$30.59	$34.77	$26.50
2014-04-01	$17.40	$19.60	$15.71	$30.42	$34.46	$26.45
2014-05-01	$17.36	$19.48	$15.73	$30.35	$34.27	$26.51
2014-06-01	$17.45	$19.81	$15.67	$30.35	$34.34	$26.45
2014-07-01	$17.62	$20.23	$15.64	$30.29	$34.23	$26.47
2014-08-01	$17.58	$20.16	$15.61	$30.28	$34.26	$26.41
2014-09-01	$17.58	$19.98	$15.69	$30.22	$34.12	$26.42
2014-10-01	$17.56	$19.74	$15.82	$30.26	$34.13	$26.49
2014-11-01	$17.64	$19.98	$15.79	$30.27	$34.11	$26.53
2014-12-01	$17.81	$20.08	$16.00	$30.20	$34.01	$26.48
2015-01-01	$17.76	$19.73	$16.17	$30.29	$34.21	$26.48
2015-02-01	$17.94	$19.72	$16.48	$30.48	$34.49	$26.56
2015-03-01	$17.94	$19.64	$16.56	$30.54	$34.64	$26.56

ChartData Download data

* Data reflect 12-month moving averages; data for 2015 represent 12-month average from April 2014 to March 2015.

Note: The age 21–24 cohort includes only those who do not have an advanced degree and are not enrolled in further schooling. Shaded areas denote recessions.

Source: EPI analysis of Current Population Survey Outgoing Rotation Group microdata

Share of private-sector workers with employer-provided health insurance, by race and ethnicity, 1979–2012

	All	White	Black	Hispanic
1979	69.0%	70.3%	63.1%	60.4%
1980	70.2%	71.4%	64.7%	62.2%
1981	70.5%	71.8%	65.1%	61.5%
1982	69.6%	70.6%	65.5%	61.9%
1983	68.6%	69.7%	64.1%	61.3%
1984	67.1%	68.6%	63.0%	56.0%
1985	67.0%	68.6%	62.1%	55.6%
1986	66.2%	68.1%	61.3%	52.9%
1987	62.4%	64.9%	55.1%	46.1%
1988	61.7%	64.1%	54.1%	47.2%
1989	61.5%	64.0%	56.3%	46.0%
1990	59.9%	62.4%	53.3%	45.1%
1991	59.7%	62.4%	52.2%	44.9%
1992	58.3%	61.2%	50.4%	41.6%
1993	58.9%	62.0%	52.2%	43.0%
1994	58.7%	61.8%	54.4%	40.1%
1995	58.5%	61.7%	53.0%	42.1%
1996	59.1%	62.1%	55.7%	42.4%
1997	58.0%	61.2%	54.4%	41.2%
1998	58.7%	62.1%	53.9%	41.7%
1999	58.9%	62.4%	55.7%	41.3%
2000	58.9%	62.7%	55.4%	41.8%
2001	58.2%	62.1%	55.7%	40.5%
2002	57.3%	61.2%	54.4%	41.0%
2003	56.4%	60.3%	54.3%	39.3%
2004	55.9%	59.7%	54.1%	39.7%
2005	54.9%	58.9%	52.5%	38.6%
2006	55.0%	59.6%	52.4%	37.3%
2007	55.0%	59.6%	52.4%	37.3%
2008	55.4%	59.7%	53.4%	38.6%
2009	53.6%	58.2%	50.2%	35.9%
2010	53.1%	57.8%	49.5%	36.3%
2011	52.3%	56.9%	50.0%	35.7%
2012	51.6%	56.3%	48.5%	35.3%

ChartData Download data

Note: Race/ethnicity categories are mutually exclusive (i.e., white non-Hispanic, black non-Hispanic, and Hispanic any race). Sample is of private-sector wage-and-salary earners age 18–64 who worked at least 20 hours per week and 26 weeks per year. Coverage is defined as being included in an employer-provided plan for which the employer paid for at least some of the coverage.

Source: Authors' analysis of Current Population Survey Annual Social and Economic Supplement microdata

UPDATED FROM: Figure 4I in The State of Working America, 12th Edition, an Economic Policy Institute book published by Cornell University Press in 2012

Share of private-sector workers with employer-provided pension coverage, by educational attainment, 1979–2012

	All	High school graduate	College graduate
1979	50.6%	51.2%	61.0%
1980	50.0%	50.8%	58.3%
1981	49.0%	48.8%	58.0%
1982	48.0%	47.9%	55.9%
1983	47.5%	47.7%	57.3%
1984	46.0%	45.7%	56.4%
1985	46.2%	45.3%	56.8%
1986	45.4%	44.5%	56.4%
1987	42.5%	42.0%	52.8%
1988	42.8%	42.8%	52.6%
1989	43.7%	42.9%	55.4%
1990	43.9%	43.3%	55.8%
1991	44.5%	42.7%	56.3%
1992	44.5%	43.0%	56.6%
1993	43.7%	41.4%	56.9%
1994	45.7%	43.2%	59.1%
1995	45.8%	43.2%	58.8%
1996	47.1%	44.2%	61.7%
1997	47.1%	43.8%	61.9%
1998	48.5%	46.0%	63.3%
1999	48.6%	44.9%	63.1%
2000	48.3%	43.8%	63.7%
2001	47.1%	42.8%	62.1%
2002	45.5%	41.4%	59.9%
2003	45.9%	40.9%	60.2%
2004	45.5%	40.2%	60.6%
2005	44.1%	39.0%	58.7%
2006	42.8%	37.1%	57.0%
2007	44.6%	38.8%	58.2%
2008	43.4%	38.1%	56.3%
2009	42.6%	36.3%	54.9%
2010	42.8%	36.3%	56.1%
2011	42.4%	35.7%	54.0%
2012	42.3%	35.2%	55.0%

ChartData Download data

Note: Sample is of private-sector wage-and-salary earners age 18–64 who worked at least 20 hours per week and 26 weeks per year.

Source: Authors' analysis of Current Population Survey Annual Social and Economic Supplement microdata

Why did this happen?

What can we do about this?

CEO Pay

CEO-to-worker compensation ratio, 1965–2014

Year	CEO-to-worker compensation ratio
1965/01/01	20.0
1966/01/01	21.2
1967/01/01	22.4
1968/01/01	23.7
1969/01/01	23.4
1970/01/01	23.2
1971/01/01	22.9
1972/01/01	22.6
1973/01/01	22.3
1974/01/01	23.7
1975/01/01	25.1
1976/01/01	26.6
1977/01/01	28.2
1978/01/01	29.9
1979/01/01	31.8
1980/01/01	33.8
1981/01/01	35.9
1982/01/01	38.2
1983/01/01	40.6
1984/01/01	43.2
1985/01/01	45.9
1986/01/01	48.9
1987/01/01	51.9
1988/01/01	55.2
1989/01/01	58.7
1990/01/01	71.2
1991/01/01	86.2
1992/01/01	104.4
1993/01/01	111.8
1994/01/01	87.3
1995/01/01	122.6
1996/01/01	153.8
1997/01/01	233.0
1998/01/01	321.8
1999/01/01	286.7
2000/01/01	376.1
2001/01/01	214.2
2002/01/01	188.5
2003/01/01	227.5
2004/01/01	256.6
2005/01/01	308.0
2006/01/01	341.4
2007/01/01	345.3
2008/01/01	239.3
2009/01/01	195.8
2010/01/01	229.7
2011/01/01	235.5
2012/01/01	285.3
2013/01/01	303.1
2014/01/01	303.4

ChartData Download data

Note: CEO annual compensation is computed using the "options realized" compensation series, which includes salary, bonus, restricted stock grants, options exercised, and long-term incentive payouts for CEOs at the top 350 U.S. firms ranked by sales.

Source: Authors' analysis of data from Compustat's ExecuComp database, Current Employment Statistics program, and the Bureau of Economic Analysis NIPA tables

Minimum Wage

The minimum wage would be over $18 had it risen along with productivity: Real value of the federal minimum wage compared with its value had it grown at the rate of productivity and average hourly wages, 1968–2014

Year	Real minimum wage	Real hourly wage	Productivity
1968	$ 9.58	$ 9.58	$ 9.58
1969	$ 9.17	$ 9.78	$ 9.62
1970	$ 8.75	$ 9.85	$ 9.76
1971	$ 8.38	$ 10.07	$ 10.12
1972	$ 8.14	$ 10.51	$ 10.39
1973	$ 7.65	$ 10.49	$ 10.64
1974	$ 8.70	$ 10.21	$ 10.47
1975	$ 8.44	$ 10.07	$ 10.70
1976	$ 8.74	$ 10.19	$ 11.00
1977	$ 8.22	$ 10.30	$ 11.13
1978	$ 8.86	$ 10.42	$ 11.24
1979	$ 8.85	$ 10.25	$ 11.26
1980	$ 8.52	$ 9.97	$ 11.17
1981	$ 8.40	$ 9.89	$ 11.41
1982	$ 7.93	$ 9.86	$ 11.24
1983	$ 7.60	$ 9.86	$ 11.58
1984	$ 7.30	$ 9.80	$ 11.88
1985	$ 7.06	$ 9.76	$ 12.08
1986	$ 6.93	$ 9.79	$ 12.33
1987	$ 6.71	$ 9.70	$ 12.39
1988	$ 6.47	$ 9.66	$ 12.54
1989	$ 6.20	$ 9.61	$ 12.64
1990	$ 6.70	$ 9.53	$ 12.82
1991	$ 7.24	$ 9.48	$ 12.92
1992	$ 7.06	$ 9.47	$ 13.39
1993	$ 6.89	$ 9.49	$ 13.43
1994	$ 6.74	$ 9.53	$ 13.56
1995	$ 6.58	$ 9.56	$ 13.57
1996	$ 7.17	$ 9.63	$ 13.90
1997	$ 7.61	$ 9.79	$ 14.09
1998	$ 7.50	$ 10.04	$ 14.37
1999	$ 7.35	$ 10.20	$ 14.72
2000	$ 7.11	$ 10.26	$ 15.07
2001	$ 6.92	$ 10.35	$ 15.30
2002	$ 6.81	$ 10.48	$ 15.73
2003	$ 6.66	$ 10.53	$ 16.24
2004	$ 6.48	$ 10.46	$ 16.68
2005	$ 6.27	$ 10.40	$ 16.97
2006	$ 6.07	$ 10.47	$ 17.07
2007	$ 6.71	$ 10.58	$ 17.19
2008	$ 7.23	$ 10.57	$ 17.22
2009	$ 8.04	$ 10.93	$ 17.58
2010	$ 7.91	$ 11.01	$ 18.09
2011	$ 7.66	$ 10.89	$ 18.12
2012	$ 7.51	$ 10.83	$ 18.26
2013	$ 7.40	$ 10.89	$ 18.43
2014	$ 7.25	$ 10.89	$ 18.42

ChartData Download data

Note: Real average hourly wages are of production/nonsupervisory workers in the private sector, and productivity is net productivity of the total economy.

Source: EPI analysis of data from the U.S. Department of Labor's Bureau of Labor Statistics and Labor Wage and Hour Division

Unions

Decline in union membership mirrors income gains of top 10%: Union membership and share of income going to the top 10%, 1917–2012

Year	Union membership	Share of income going to the top 10 percent
1917	11.0%	40.3%
1918	12.1%	39.9%
1919	14.3%	39.5%
1920	17.5%	38.1%
1921	17.6%	42.9%
1922	14.0%	43.0%
1923	11.7%	40.6%
1924	11.3%	43.3%
1925	11.0%	44.2%
1926	10.7%	44.1%
1927	10.6%	44.7%
1928	10.4%	46.1%
1929	10.1%	43.8%
1930	10.7%	43.1%
1931	11.2%	44.4%
1932	11.3%	46.3%
1933	9.5%	45.0%
1934	9.8%	45.2%
1935	10.8%	43.4%
1936	11.1%	44.8%
1937	18.6%	43.4%
1938	23.9%	43.0%
1939	24.8%	44.6%
1940	23.5%	44.4%
1941	25.4%	41.0%
1942	24.2%	35.5%
1943	30.1%	32.7%
1944	32.5%	31.6%
1945	33.4%	32.6%
1946	31.9%	34.6%
1947	31.1%	33.0%
1948	30.5%	33.7%
1949	29.6%	33.8%
1950	30.0%	33.9%
1951	32.4%	32.8%
1952	31.5%	32.1%
1953	33.2%	31.4%
1954	32.7%	32.1%
1955	32.9%	31.8%
1956	33.2%	31.8%
1957	32.0%	31.7%
1958	31.1%	32.1%
1959	31.6%	32.0%
1960	30.7%	31.7%
1961	28.7%	31.9%
1962	29.1%	32.0%
1963	28.5%	32.0%
1964	28.5%	31.6%
1965	28.6%	31.5%
1966	28.7%	32.0%
1967	28.6%	32.1%
1968	28.7%	32.0%
1969	28.3%	31.8%
1970	27.9%	31.5%
1971	27.4%	31.8%
1972	27.5%	31.6%
1973	27.1%	31.9%
1974	26.5%	32.4%
1975	25.7%	32.6%
1976	25.7%	32.4%
1977	25.2%	32.4%
1978	24.7%	32.4%
1979	25.4%	32.4%
1980	23.6%	32.9%
1981	22.3%	32.7%
1982	21.6%	33.2%
1983	21.4%	33.7%
1984	20.5%	34.0%
1985	19.0%	34.3%
1986	18.5%	34.6%
1987	17.9%	36.5%
1988	17.6%	38.6%
1989	17.2%	38.5%
1990	16.7%	38.8%
1991	16.2%	38.4%
1992	16.2%	39.8%
1993	16.2%	39.5%
1994	16.1%	39.6%
1995	15.3%	40.5%
1996	14.9%	41.2%
1997	14.7%	41.7%
1998	14.2%	42.1%
1999	14.2%	42.7%
2000	13.6%	43.1%
2001	13.7%	42.2%
2002	13.5%	42.4%
2003	13.0%	42.8%
2004	12.6%	43.6%
2005	12.5%	44.9%
2006	12.0%	45.5%
2007	12.1%	45.7%
2008	12.5%	46.0%
2009	12.4%	45.5%
2010	11.9%	46.4%
2011	11.8%	46.6%
2012	11.3%	48.2%

ChartData Download data

Source: Data on union density follow the composite series found in Historical Statistics of the United States, updated to 2012 from unionstats.com. Income inequality (share of income to top 10%) from Piketty and Saez, “Income Inequality in the United States, 1913-1998," Quarterly Journal of Economics, 118(1), 2003, 1–39. Updated and downloadable data, for this series and other countries, are available at The World's Top Income Database. Updated September 2013.

Median hourly compensation growth is lower in states where collective bargaining coverage declined the most, 1979–2012

Note: Excludes Alaska and the District of Columbia.

Source: EPI analysis of wage data from the Current Population Survey; compensation data from the Bureau of Economic Analysis, State/National Income and Product Accounts public data series; and collective bargaining data from the Current Population Survey

Overtime

Share of salaried workers covered by the salary threshold in 1975 and 2014

Year	Share of salaried workers covered by the salary threshold in 1975 and 2014
1975	62%
2014	8%

ChartData Download data

Note: The sample included salaried (nonhourly), full-time workers who are 18 years or older. It excluded teachers (pre-K through college) and religious workers who are automatically exempt from overtime protections.

Source: Economic Policy Institute analysis of Current Population Survey Outgoing Rotation Group microdata

Federal Reserve: prioritize full employment

Reducing unemployment would disproportionately boost low- and moderate-wage workers' wages: Effect on hourly wages of a one-point decline in unemployment rate, by decile and gender

	Men	Women
10th	2.0%	1.4%
20th	1.6%	1.0%
30th	1.5%	1.0%
40th	1.0%	0.9%
50th	0.9%	0.9%
60th	0.8%	0.7%
70th	0.9%	0.5%
80th	0.8%	0.6%
90th	0.5%	0.8%

ChartData Download data

Note: Figure is based on data from 1979 to 2007.

Source: EPI analysis of Current Population Survey Outgoing Rotation Group microdata

What can happen if we do raise wages?

What should you be making?

EPI Wage Calculator

Women’s wages go up by 70%

Eliminating the gender and inequality wage gap would raise women’s wages by more than 70%: Median hourly wages for men and women, compared with wages for all workers had they increased in tandem with productivity, 1979–2014

	Wages for all workers	Men’s wages	Women’s wages	Wages for all workers had they grown in tandem with productivity
1979	$16.00	$20.13	$12.61	$16.00
1980	$15.85	$19.83	$12.58	$15.88
1981	$15.43	$19.42	$12.47	$16.22
1982	$15.65	$19.27	$12.49	$15.98
1983	$15.57	$19.01	$12.65	$16.46
1984	$15.65	$18.92	$12.76	$16.89
1985	$15.79	$19.10	$12.82	$17.18
1986	$16.09	$19.64	$13.15	$17.53
1987	$16.10	$19.53	$13.49	$17.62
1988	$16.00	$19.16	$13.61	$17.82
1989	$15.91	$18.61	$13.60	$17.97
1990	$15.90	$18.32	$13.64	$18.22
1991	$16.00	$18.28	$13.70	$18.37
1992	$16.14	$18.13	$13.80	$19.03
1993	$16.02	$17.98	$13.96	$19.10
1994	$15.74	$17.66	$13.84	$19.28
1995	$15.62	$17.93	$13.75	$19.29
1996	$15.55	$17.81	$13.82	$19.75
1997	$15.92	$17.92	$14.16	$20.03
1998	$16.36	$18.56	$14.51	$20.43
1999	$16.87	$19.04	$14.64	$20.92
2000	$16.83	$19.16	$14.94	$21.41
2001	$17.18	$19.43	$15.26	$21.75
2002	$17.33	$19.52	$15.64	$22.36
2003	$17.54	$19.36	$15.68	$23.08
2004	$17.54	$19.13	$15.65	$23.70
2005	$17.33	$18.97	$15.54	$24.12
2006	$17.40	$18.93	$15.56	$24.26
2007	$17.26	$19.24	$15.69	$24.44
2008	$17.32	$19.13	$15.80	$24.48
2009	$17.61	$19.67	$16.07	$24.98
2010	$17.38	$19.16	$15.96	$25.71
2011	$16.91	$18.64	$15.67	$25.75
2012	$16.81	$18.60	$15.39	$25.88
2013	$16.97	$18.41	$15.35	$25.91
2014	$16.90	$18.35	$15.21	$26.04

ChartData Download data

Source: EPI analysis of unpublished Total Economy Productivity data from Bureau of Labor Statistics Labor Productivity and Costs program, wage data from the Current Population Survey Outgoing Rotation Group

Reduce Poverty

Simulated change in 2013 market-based poverty rate if wages had increased at same rate as productivity growth over 1979–2013 and if the economy were at full employment in 2013

		Percentage point reduction by growing wages with average wage growth
Non-<br>elderly	100% of poverty	-4.188
Age 18–64	Male	-3.14
	Female	-3.904
	White	-2.373
	Black	-5.445
	Hispanic	-6.722
Children (under 18)	All children	-5.937
	White	-3.384
	Black	-8.332
	Hispanic	-10.279

ChartData Download data

Note: The simulation assumes that wages increased in tandem with growth in "usable" productivity. See the technical appendix for details.

Source: EPI analysis of Current Population Survey Annual Social and Economic Supplement (ASEC) microdata

Increase incomes

The U.S. middle class had $17,867 less income in 2007 because of the growth of inequality since 1979: Household income of the broad middle class, actual and projected assuming no growth in inequality, 1979–2011

	Actual	Projected
1979/01/01	$61,542.17	$61,542.17
1980/01/01	$59,460.37	$59,579.37
1981/01/01	$59,210.54	$59,456.53
1982/01/01	$58,036.98	$59,071.83
1983/01/01	$57,202.97	$59,479.82
1984/01/01	$60,446.87	$62,779.71
1985/01/01	$60,428.61	$63,811.15
1986/01/01	$62,282.04	$68,495.45
1987/01/01	$61,406.97	$66,243.89
1988/01/01	$62,294.60	$69,102.25
1989/01/01	$63,153.24	$69,773.54
1990/01/01	$63,356.58	$69,050.00
1991/01/01	$62,372.76	$67,405.82
1992/01/01	$62,736.36	$69,303.97
1993/01/01	$63,537.30	$69,703.89
1994/01/01	$63,937.79	$70,532.26
1995/01/01	$65,895.09	$73,271.98
1996/01/01	$66,618.03	$75,655.23
1997/01/01	$67,717.28	$78,559.19
1998/01/01	$70,025.47	$82,314.50
1999/01/01	$71,827.31	$85,754.07
2000/01/01	$71,685.32	$87,083.66
2001/01/01	$71,738.64	$82,561.12
2002/01/01	$70,107.92	$79,126.24
2003/01/01	$70,232.82	$80,397.74
2004/01/01	$72,563.23	$85,031.93
2005/01/01	$73,700.24	$89,259.28
2006/01/01	$74,417.13	$91,994.00
2007/01/01	$76,442.90	$94,310.00
2008/01/01	$73,539.98	$86,971.41
2009/01/01	$72,708.64	$82,490.43
2010/01/01	$72,875.68	$84,737.13
2011/01/01	$72,036.33	$83,665.79

ChartData Download data

Note: Data show average income of households in the middle three-fifths.

Source: EPI analysis of data from The Distribution of Household Income and Federal Taxes, 2011, the Congressional Budget Office, 2014.

Reproduced from Figure I in Raising America’s Pay: Why It’s Our Central Economic Policy Challenge, by Josh Bivens, Elise Gould, Lawrence Mishel, and Heidi Shierholz, Economic Policy Institute, 2014.

Presentation: The Politics of Health Policy

The Politics of Health Policy

Johns Hopkins University Bloomberg School of Public Health

Economic Inequality

Growing economic inequality is rooted in wage inequality

Why did this happen? What can we do about this?

What can happen if we do raise wages?

Average annual family income growth, by income group, 1947–2012

Change in real annual household income, by income group, 1979–2011

Share of total wealth growth accruing to various wealth groups, 1983–2010

Median household wealth (for families with wealth greater than zero) and share of households with zero or negative net wealth , by race and ethnicity, 1989–2013 (2013 dollars)

Life expectancy for male Social Security-covered workers (age 60) by earnings group, 1972–2001

Life expectancy, by year of birth, gender, and wealth decile

Intergenerational mobility and income inequality in 22 countries

Probability that sons of fathers in the bottom 20 percent of the earnings distribution end up in the bottom or top 40 percent as adults, by country

Poverty rate, actual and simulated, 1959–2013

Impact on poverty rate of economic, demographic, and education changes, 1979–2013

Non-elderly poverty rates, market-based and post-tax, post-transfer, 1989, 2007, 2013

Growing economic inequality is rooted in wage inequality

Disconnect between productivity and a typical worker's compensation, 1948–2014

When it comes to the pace of annual pay increases, the top 1% wage grew 138% since 1979, while wages for the bottom 90% grew 15%: Cumulative change in real annual wages, by wage group, 1979–2013

Middle-class wages are stagnant—Middle-wage workers' hourly wage is up 6% since 1979, low-wage workers' wages are down 5%, while those with very high wages saw a 41% increase: Cumulative change in real hourly wages of all workers, by wage percentile,* 1979–2013

The gender wage gap is largest among top earners: Women’s hourly wages as a share of men’s at various wage percentiles, 1979–2014

Hourly wages of Hispanic workers as a percent of white hourly wages, at the 10th, 50th, and 95th wage percentiles, 1979–2013

Hourly wages of black workers as a percent of white hourly wages, at the 10th, 50th, and 95th wage percentiles, 1979–2013

Women earn less than men at every education level: Average hourly wages, by gender and education, 2014

The gender wage gap persists, but has narrowed since 1979: Median hourly wages, by gender, 1979–2014

Real average hourly wages of young workers, by education, 1989–2015*

Real average hourly wages of workers with a high school degree, by age, 1989–2015*

Real average hourly wages of workers with a bachelor's degree, by age, 1989–2015*

Share of private-sector workers with employer-provided health insurance, by race and ethnicity, 1979–2012

Share of private-sector workers with employer-provided pension coverage, by educational attainment, 1979–2012

Why did this happen?

What can we do about this?

CEO Pay

CEO-to-worker compensation ratio, 1965–2014

Minimum Wage

The minimum wage would be over $18 had it risen along with productivity: Real value of the federal minimum wage compared with its value had it grown at the rate of productivity and average hourly wages, 1968–2014

Unions

Decline in union membership mirrors income gains of top 10%: Union membership and share of income going to the top 10%, 1917–2012

Median hourly compensation growth is lower in states where collective bargaining coverage declined the most, 1979–2012

Overtime

Share of salaried workers covered by the salary threshold in 1975 and 2014

Federal Reserve: prioritize full employment

Reducing unemployment would disproportionately boost low- and moderate-wage workers' wages: Effect on hourly wages of a one-point decline in unemployment rate, by decile and gender

What can happen if we do raise wages?

What should you be making?

Women’s wages go up by 70%

Eliminating the gender and inequality wage gap would raise women’s wages by more than 70%: Median hourly wages for men and women, compared with wages for all workers had they increased in tandem with productivity, 1979–2014

Reduce Poverty

Simulated change in 2013 market-based poverty rate if wages had increased at same rate as productivity growth over 1979–2013 and if the economy were at full employment in 2013

Increase incomes

The U.S. middle class had $17,867 less income in 2007 because of the growth of inequality since 1979: Household income of the broad middle class, actual and projected assuming no growth in inequality, 1979–2011

Thank you!

Get this presentation at go.epi.org/jhu