For the second consecutive month, the year-over-year average hourly pay has lost to inflation.
Average Hourly Earnings of All Private Workers Minus CPI-U
I created the above chart by taking the year-over-year increase in average hourly pay for all workers and subtracting the year-over year increase in the CPI.
Both seats of numbers are not seasonally adjusted. CPI-U is the official CPI,
Average Hourly Earnings of Production and Supervisory Workers
The BLS has a separate set of stats for production and supervisory workers. Its CPI measure is CPI-W.
I created the above chart by taking the year-over-year increase in average hourly pay for production and supervisory workers then subtracted the year-over year increase in the CPI-W.
Both sets of workers are currently losing money to inflation.
The Great Recession and Covid-19 spikes happened when the bottom rung of workers were laid off in recession, artificially inflating wages if you were working.
- Huge Upward Wage Pressures for Both Skilled and Unskilled Labor
- Where Are the Job Openings and How Much Does One Make Per Hour?
- Year-Over-Year CPI Jumps 5%, That's the Most Since August 2008
- How the Fed's Inflation Policies Benefitted the Top 1% In Pictures Part 1
- How the Fed's Inflation Policies Benefitted the Top 1% In Pictures Part 2
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