April 2, 2021

Average  hourly earnings declined 0.1 hour in March to $29.96 after having risen 0.3% in February.  Earnings often decline somewhat when the large majority of the increase in employment was in lower paying jobs — in this case the leisure and hospitality industry and teachers.  The year-over-year increase currently is 4.2% it should eventually return to a yearly growth rate of about 3.5% as more leisure and hospitality and teachers jobs return..

Average weekly earnings rose 0.7% in March to $1,045.60 after having fallen 0.9% in February..  Weekly earnings have risen a solid 6.7% in the past year.

Stephen Slifer

NumberNomics

Charleston, SC