This is just horrific. Real - inflation adjusted - earnings for non-supervisory workers declined at an 11% annualized forward rate.
From the Bureau of Labor Statistics, April 12:
REAL EARNINGS – MARCH 2022
All employeesReal average hourly earnings for all employees decreased 0.8 percent from February to March, 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 1.2 percent in the Consumer Price Index for All Urban Consumers (CPI-U).Real average weekly earnings decreased 1.1 percent over the month due to the change in real average hourly earnings combined with a decrease of 0.3 percent in the average workweek.
Real average hourly earnings decreased 2.7 percent, seasonally adjusted, from March 2021 to March 2022. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 3.6-percent decrease in real average weekly earnings over this period.
Production and nonsupervisory employees
Real average hourly earnings for production and nonsupervisory employees decreased 0.9 percent from February to March, seasonally adjusted. This result stems from a 0.4-percent increase in average hourly earnings combined with an increase of 1.4 percent in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Real average weekly earnings decreased 1.2 percent over the month due to the change in real average hourly earnings being combined with a decrease of 0.3 percent in average weekly hours.
From March 2021 to March 2022, real average hourly earnings decreased 2.4 percent, seasonally adjusted. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 3.3-percent decrease in real average weekly earnings over this period.
