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
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