Real Earnings Report January 2024

All employees Real average hourly earnings for all employees increased 0.3 percent from December to January, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.6 percent in average hourly earnings combined with an increase of 0.3 percent in the Consumer Price Index for All Urban Consumers (CPI-U). Real average weekly earnings decreased 0.3 percent over the month due to the change in real average hourly earnings combined with a 0.6-percent decrease in the average workweek.

Real average hourly earnings increased 1.4 percent, seasonally adjusted, from January 2023 to January 2024. The change in real average hourly earnings combined with a decrease of 1.4 percent in the average workweek resulted in a 0.1-percent decrease 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 December to January, seasonally adjusted. This result stems from a 0.4-percent increase in average hourly earnings combined with an increase of 0.2 percent in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Real average weekly earnings decreased 0.4 percent over the month due to the change in real average hourly earnings combined with a 0.6-percent decrease in the average workweek.

From January 2023 to January 2024, real average hourly earnings increased 1.8 percent, seasonally adjusted. The change in real average hourly earnings combined with a decrease of 1.5 percent in the average workweek resulted in a 0.3-percent increase in real average weekly earnings over this period.

Article courtesy of US Bureau of Labor Statistics.