April 27, 2023
Average weekly earnings was essentially nchanged in March at $1,141.39 after having declined 0.1% in February. In the past year weeky earnings have risen 3.3%. T hat is a respectable gain in nominal earnings.
However, weekly earnings have been eroded by the increase in inflation. In real terms, weekly earnings fell 0.1% in March to $378.18 after having declined 0.4% in February. In the past year real weekly eanings have fallen by 1.6%. The implication is that inflation rose by 4.9% during the past year.
with hourly and weekly earnings continuing to slide, indidvidual workers and unions will continue to push for higher wages.
Stephen Slifer
NumberNomics
Charleston, S.C.
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