For 15 Consecutive Months, Year-Over-Year Wage Growth Has Not Kept Up With Inflation - Mish Talk


Production and nonsupervisory wages, nominal and deflated by the CPI index. Chart by Mish.

Hourly Earnings and Real Hourly Earnings 

  • Wages appears to be spiraling out of control (top 2 lines blue and red), but appearances deceive.
  • Real (CPI-adjusted) wages have gone nowhere for decades.
  • Production and nonsupervisory workers made $9.38 per hour in CPI-adjusted dollars in 1973. Today they make $9.42 per hour.

Nominal Wages Year-Over-Year Percent Change

Nominal wage data from BLS, chart by Mish

Nominal wage data from BLS, chart by Mish


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