September 6, 2024
Average hourly earnings rose 0.4% in August to $35.21 after having risen 0.2% in July. Earnings growth continues to slow from 4.3% at the end of last year to 3.8% currently. Presumably, the flood of workers from Latin America crossing over our southern border with Mexico are willing to take a lot of low-paying jobs as they try to survive in their new home.
While nominal earnings have risen 3.8% in the past year, inflation has risen almost as quickly and real or inflation-adjusted earnings have risen only 0.7% in that same period of time.
Average weekly earnings rose 0.7% in August to $1207.70 after having fallen 0.1% in July. In the past year weekly earnings have risen 3.5%.
Stephen Slifer
NumberNomics
Charleston, SC
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