We'll get to the CPI later today, for now a bit of good news on the real wage front.
From the BLS, August 10:
REAL EARNINGS – JULY 2023
All employees
Real average hourly earnings for all employees increased 0.3 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 0.2 percent in the Consumer Price Index for All Urban Consumers (CPI-U).
Real average weekly earnings were essentially unchanged over the month due to the change in real average hourly earnings combined with a 0.3-percent decrease in the average workweek.
Real average hourly earnings increased 1.1 percent, seasonally adjusted, from July 2022 to July 2023.
The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 0.2-percent increase in real average weekly earnings over this period.
Production and nonsupervisory employees
Real average hourly earnings for production and nonsupervisory employees increased 0.2 percent from June to July, seasonally adjusted. This result stems from a 0.5-percent increase in average hourly earnings combined with an increase of 0.1 percent in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Real average weekly earnings increased 0.3 percent over the month due to the change in real average hourly earnings being combined with no change in the average workweek.
From July 2022 to July 2023, real average hourly earnings increased 1.9 percent, seasonally adjusted.
The change in real average hourly earnings combined with a decrease of 0.6 percent in the average workweek resulted in a 1.3-percent increase in real average weekly earnings over this period.....MORE (tables) e.g.
| June 2022 |
Apr. 2023 |
May 2023(p) |
June 2023(p) |
|
|---|---|---|---|---|
Real average hourly earnings(2) |
$9.47 | $9.62 | $9.66 | $9.68..... |
