September 3 2021

Average  hourly earnings jumped 0.6% in August to $30.73 after having risen 0.4% in July and 0.4% in June.  The year-over-year increase currently is 4.3%.  Hourly earning are now considerably higher than the $28.51 level that existed in February 2020 — just prior to the onset of recession.  As as firms in  low-paid industries have to ante-up to get the workers they need by offering higher wages to new employees, this series is likely to register sharp gains in the months ahead.

Average weekly earnings also rose 0.6% in August to $1,066.33 after having risen 0.4%  in July  Weekly earnings have risen 4.3% in the past year.

Stephen Slifer

NumberNomics

Charleston, SC