Real Earnings report, March Reports 2023

The BLS has released the latest Real Earnings Report.

Real average hourly earnings for all employees decreased 0.1 percent from January to February, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.2 percent in average hourly earnings combined with an increase of 0.4 percent in the Consumer Price Index for All Urban Consumers (CPI-U).

Real average weekly earnings decreased 0.4 percent over the month due to the change in real average hourly earnings combined with a 0.3-percent decrease in the average workweek.  

Real average hourly earnings decreased 1.3 percent, seasonally adjusted, from February 2022 to February 2023. The change in real average hourly earnings combined with a decrease of 0.6 percent in the average workweek resulted in a 1.9-percent decrease in real average weekly earnings over this period.

As always, I compare to February, 2020... or just prior to that "thing." As a reminder, the lower end of the wage scale got sent home and/or had jobs that were not of the work from home variety. Thus, a massive jump at the beginning of the "thing", which tapered earnings downward as the lower income groups re-entered the workforce, or as it became clear they were also essential.

The following chart indicates, down -5¢, and down from last month.

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The following chart (weekly) indicates -46¢ and down two straight months.

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The following chart, indicates +11¢, hourly and up from last month, but below 2 months ago.

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The following chart, indicates a weekly gain of +$5.54, but down from last month.

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In summation, the report again, indicates earnings are treading water.