On the losing end of the wage-price spiral.
From the Bureau of Labor Statistics, July 13
All employees
Real average hourly earnings for all employees decreased 1.0 percent from May to June, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.3 percent in average hourly earnings combined with an increase of 1.3 percent in the Consumer Price Index for All Urban Consumers (CPI-U).
Real average weekly earnings decreased 1.0 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 3.6 percent, seasonally adjusted, from June 2021 to June 2022. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 4.4-percent decrease in real average weekly earnings over this period.Production and nonsupervisory employees
Real average hourly earnings for production and nonsupervisory employees decreased 1.1 percent from May to June, seasonally adjusted. This result stems from a 0.5-percent increase in average hourly earnings combined with an increase of 1.5 percent in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Real average weekly earnings decreased 1.0 percent over the month due to the change in real average hourly earnings being combined with no change to the average workweek.
From June 2021 to June 2022, real average hourly earnings decreased 3.1 percent, seasonally adjusted. The change in real average hourly earnings combined with a 0.9-percent decrease in the average workweek resulted in a 3.9-percent decrease in real average weekly earnings over this period.
Tables:
- Table A-1. Current and real (constant 1982-1984 dollars) earnings for all employees on private nonfarm payrolls, seasonally adjusted
- Table A-2. Current and real (constant 1982-1984 dollars) earnings for production and nonsupervisory employees on private nonfarm payrolls, seasonally adjusted
As you can see in the release, the situation for the month of June, when excluding supervisory employees, is even worse than our headline.
More to come.
