This is top of the report stuff and digging deeper is warranted, our headline takeaway is the aggregate takeaway.
From The Bureau of Labor Statistics, August 11:
Real Earnings Summary
Transmission of material in this release is embargoed until USDL-21-1468 8:30 a.m. (ET), Wednesday, August 11, 2021
REAL EARNINGS – JULY 2021
All employees Real average hourly earnings for all employees decreased 0.1 percent from June to July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.4 percent in average hourly earnings combined with an increase of 0.5 percent in the Consumer Price Index for All Urban Consumers (CPI-U).
Real average weekly earnings decreased 0.1 percent over the month due to the change in real average hourly earnings combined with no change in the average workweek.
Real average hourly earnings decreased 1.2 percent, seasonally adjusted, from July 2020 to July 2021. The change in real average hourly earnings combined with an increase of 0.6 percent in the average workweek resulted in a 0.7-percent decrease in real average weekly earnings over this period.
Production and nonsupervisory employees
Real average hourly earnings for production and nonsupervisory employees were unchanged from June to July, seasonally adjusted. This result stems from a 0.4-percent increase in average hourly earnings combined with an increase of 0.5 percent in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Real average weekly earnings decreased 0.1 percent over the month due to the unchanged real average hourly earnings being combined with no change in average weekly hours.
From July 2020 to July 2021, real average hourly earnings decreased 1.1 percent, seasonally adjusted. The change in real average hourly earnings combined with a 0.6-percent increase in the average workweek resulted in a 0.5-percent decrease in real average weekly earnings over this period....
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