Real Earnings: April Release of March 2023 Data

The BLS has released the latest Real Earnings Report. 

All employees

Real average hourly earnings for all employees increased 0.2 percent from February to March, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.3 percent in average hourly earnings combined with an increase of 0.1 percent in the Consumer Price Index for All Urban Consumers (CPI-U).

Real average weekly earnings decreased 0.1 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 0.7 percent, seasonally adjusted, from March 2022 to March 2023. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 1.6-percent decrease in real average weekly earnings over this period.

Now for some comparison graphs, dating back to February 2020, or pre-covid. It is important to compare to that date, as the rates were distorted with all the layoffs early on. Remember... A lot of people were working from home, etc. A lot of people did not have that option.

The above rate is still a shade below February 2020.

The above rate is still a shade below February 2020.

The above rate is 14¢ higher than February 2020.

The above rate is $6.50 higher than February 2020.

It is better than losing ground, but not sure it is a sign of "real" progress.