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This article was originally published by Mish Talk.
Key Points
Real Hourly Wages by Month
Hourly wage data from BLS, chart and real calculations by Mish via St. Louis Fed (Fred).
The BLS says the decline for production and nonsupervisory workers is 0.9 percent in March. I calculate a decline of 0.97 percent. There is a small rounding issue somewhere.
I take the seasonally-adjusted change in Average Hourly Earnings of Production and Nonsupervisory Employees, Total Private, Dollars per Hour, and subtract the seasonally-adjusted change in the Consumer Price Index for All Urban Wage Earners and Clerical Workers: All Items in U.S. City Average.
Fred does the calculation for me (It’s simply a-b). There is a small rounding error somewhere.
Year-Over-Year Real Wages
Hourly wage data from BLS, chart and real calculations by Mish
Year-Over-Year Real Wages
Year-over-year real wages have declined for 12 consecutive months.
CPI Rips Higher to 8.5 Percent From a Year Ago, the Most Since 1981
Consumer Price Index data from BLS chart by Mish
The CPI is a key input to real wages.
For discussion of the CPI in March, please see CPI Rips Higher to 8.5 Percent From a Year Ago, the Most Since 1981.
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