Average Hourly Earnings of All Employees represent the average wages earned per hour by workers on private nonfarm payrolls in the United States. This indicator is a key measure of wage growth and labor market conditions.
This page presents the historical data for average hourly earnings, adjusted for inflation using the US Consumer Price Index (CPI). This adjustment allows for a clearer understanding of how the purchasing power of wages has changed over time.
Adjusted prices baseline: June 2025 (latest available CPI).
The historical trend of average hourly earnings reveals a significant divergence between nominal earnings (the dollar amount paid) and real earnings (their actual purchasing power after accounting for inflation). While nominal earnings show a consistent upward trajectory, the inflation-adjusted figures paint a more subtle increase in real terms.
Several distinct events have shaped these real earnings trends. The COVID-19 pandemic in 2020, for instance, created unusual labor market dynamics. An initial spike in average real earnings occurred as many lower-wage service jobs were disproportionately lost, temporarily skewing the average upwards.
The subsequent economic recovery saw strong nominal earnings growth, but rising prices (inflation) often offset much of this growth, leading to more subdued real gains. Similarly, the slow recovery after the Great Recession (2007-2009) also saw periods where real earnings growth was minimal, only picking up more substantially in the latter half of the 2010s as labor markets tightened.
The trajectory of real earnings reflects the interplay of various economic forces. Key factors include:
Understanding the difference between nominal and real earnings growth is vital. For the broader economy, trends in real earnings offer insights into labor market health, consumer spending power, and the overall effectiveness of economic policies.
For individuals, tracking real earnings helps determine if their compensation is truly keeping pace with or exceeding the rising cost of living, thereby impacting their standard of living. To see how your own earnings have changed in real terms, you can use the US Inflation Calculator to adjust past income to today's dollar values.
The following table provides a month-by-month breakdown.
| Month | Nominal | Inflation-Adjusted |
|---|---|---|
| Jun 2025 | $36.3 | $36.3 |
| May 2025 | $36.22 | $36.34 |
| Apr 2025 | $36.08 | $36.28 |
| Mar 2025 | $36.02 | $36.33 |
| Feb 2025 | $35.9 | $36.29 |
| Jan 2025 | $35.83 | $36.38 |
| Dec 2024 | $35.68 | $36.47 |
| Nov 2024 | $35.61 | $36.41 |
| Oct 2024 | $35.48 | $36.26 |
| Sep 2024 | $35.33 | $36.14 |
| Aug 2024 | $35.23 | $36.1 |
| Jul 2024 | $35.07 | $35.96 |
| Jun 2024 | $35 | $35.93 |
| May 2024 | $34.89 | $35.83 |
| Apr 2024 | $34.75 | $35.75 |
| Mar 2024 | $34.67 | $35.81 |
| Feb 2024 | $34.54 | $35.9 |
| Jan 2024 | $34.47 | $36.05 |
| Dec 2023 | $34.31 | $36.08 |
| Nov 2023 | $34.19 | $35.92 |
| Oct 2023 | $34.07 | $35.72 |
| Sep 2023 | $33.99 | $35.62 |
| Aug 2023 | $33.89 | $35.6 |
| Jul 2023 | $33.84 | $35.71 |
| Jun 2023 | $33.69 | $35.62 |
| May 2023 | $33.52 | $35.55 |
| Apr 2023 | $33.42 | $35.53 |
| Mar 2023 | $33.28 | $35.57 |
| Feb 2023 | $33.16 | $35.55 |
| Jan 2023 | $33.05 | $35.63 |
| Dec 2022 | $32.96 | $35.82 |
| Nov 2022 | $32.84 | $35.58 |
| Oct 2022 | $32.7 | $35.39 |
| Sep 2022 | $32.55 | $35.37 |
| Aug 2022 | $32.44 | $35.33 |
| Jul 2022 | $32.35 | $35.22 |
| Jun 2022 | $32.2 | $35.05 |
| May 2022 | $32.1 | $35.42 |
| Apr 2022 | $31.96 | $35.66 |
| Mar 2022 | $31.82 | $35.7 |
| Feb 2022 | $31.66 | $35.99 |
| Jan 2022 | $31.62 | $36.28 |
| Dec 2021 | $31.41 | $36.34 |
| Nov 2021 | $31.25 | $36.27 |
| Oct 2021 | $31.15 | $36.33 |
| Sep 2021 | $30.96 | $36.41 |
| Aug 2021 | $30.79 | $36.3 |
| Jul 2021 | $30.66 | $36.23 |
| Jun 2021 | $30.55 | $36.27 |
| May 2021 | $30.41 | $36.44 |
| Apr 2021 | $30.23 | $36.51 |
| Mar 2021 | $30.04 | $36.58 |
| Feb 2021 | $30.07 | $36.88 |
| Jan 2021 | $29.92 | $36.89 |
| Dec 2020 | $29.91 | $37.04 |
| Nov 2020 | $29.64 | $36.74 |
| Oct 2020 | $29.55 | $36.61 |
| Sep 2020 | $29.51 | $36.57 |
| Aug 2020 | $29.5 | $36.61 |
| Jul 2020 | $29.39 | $36.59 |
| Jun 2020 | $29.38 | $36.76 |
| May 2020 | $29.72 | $37.39 |
| Apr 2020 | $30.04 | $37.79 |
| Mar 2020 | $28.74 | $35.92 |
| Feb 2020 | $28.54 | $35.59 |
| Jan 2020 | $28.43 | $35.55 |
| Dec 2019 | $28.38 | $35.62 |
| Nov 2019 | $28.34 | $35.54 |
| Oct 2019 | $28.23 | $35.38 |
| Sep 2019 | $28.16 | $35.38 |
| Aug 2019 | $28.14 | $35.38 |
| Jul 2019 | $28.03 | $35.24 |
| Jun 2019 | $27.96 | $35.21 |
| May 2019 | $27.88 | $35.12 |
| Apr 2019 | $27.79 | $35.08 |
| Mar 2019 | $27.77 | $35.24 |
| Feb 2019 | $27.69 | $35.33 |
| Jan 2019 | $27.59 | $35.36 |
| Dec 2018 | $27.56 | $35.38 |
| Nov 2018 | $27.44 | $35.12 |
| Oct 2018 | $27.37 | $34.91 |
| Sep 2018 | $27.32 | $34.91 |
| Aug 2018 | $27.21 | $34.81 |
| Jul 2018 | $27.1 | $34.69 |
| Jun 2018 | $27.03 | $34.6 |
| May 2018 | $26.98 | $34.59 |
| Apr 2018 | $26.91 | $34.64 |
| Mar 2018 | $26.85 | $34.7 |
| Feb 2018 | $26.74 | $34.64 |
| Jan 2018 | $26.72 | $34.77 |
| Dec 2017 | $26.63 | $34.84 |
| Nov 2017 | $26.54 | $34.71 |
| Oct 2017 | $26.5 | $34.65 |
| Sep 2017 | $26.49 | $34.62 |
| Aug 2017 | $26.37 | $34.64 |
| Jul 2017 | $26.35 | $34.72 |
| Jun 2017 | $26.26 | $34.58 |
| May 2017 | $26.21 | $34.55 |
| Apr 2017 | $26.17 | $34.52 |
| Mar 2017 | $26.11 | $34.54 |
| Feb 2017 | $26.07 | $34.52 |
| Jan 2017 | $26 | $34.54 |
| Dec 2016 | $25.93 | $34.64 |
| Nov 2016 | $25.9 | $34.61 |
| Oct 2016 | $25.9 | $34.56 |
| Sep 2016 | $25.77 | $34.43 |
| Aug 2016 | $25.71 | $34.43 |
| Jul 2016 | $25.69 | $34.44 |
| Jun 2016 | $25.62 | $34.29 |
| May 2016 | $25.58 | $34.35 |
| Apr 2016 | $25.53 | $34.42 |
| Mar 2016 | $25.45 | $34.47 |
| Feb 2016 | $25.38 | $34.53 |
| Jan 2016 | $25.37 | $34.54 |
| Dec 2015 | $25.25 | $34.43 |
| Nov 2015 | $25.25 | $34.32 |
| Oct 2015 | $25.2 | $34.18 |
| Sep 2015 | $25.11 | $34.04 |
| Aug 2015 | $25.09 | $33.96 |
| Jul 2015 | $25.01 | $33.8 |
| Jun 2015 | $24.97 | $33.75 |
| May 2015 | $24.97 | $33.87 |
| Apr 2015 | $24.89 | $33.93 |
| Mar 2015 | $24.85 | $33.95 |
| Feb 2015 | $24.8 | $34.08 |
| Jan 2015 | $24.75 | $34.16 |
| Dec 2014 | $24.63 | $33.83 |
| Nov 2014 | $24.66 | $33.68 |
| Oct 2014 | $24.58 | $33.39 |
| Sep 2014 | $24.55 | $33.27 |
| Aug 2014 | $24.54 | $33.28 |
| Jul 2014 | $24.48 | $33.14 |
| Jun 2014 | $24.46 | $33.1 |
| May 2014 | $24.4 | $33.08 |
| Apr 2014 | $24.34 | $33.12 |
| Mar 2014 | $24.31 | $33.19 |
| Feb 2014 | $24.33 | $33.43 |
| Jan 2014 | $24.23 | $33.41 |
| Dec 2013 | $24.18 | $33.47 |
| Nov 2013 | $24.16 | $33.44 |
| Oct 2013 | $24.09 | $33.27 |
| Sep 2013 | $24.06 | $33.14 |
| Aug 2013 | $24.02 | $33.13 |
| Jul 2013 | $23.98 | $33.11 |
| Jun 2013 | $23.96 | $33.1 |
| May 2013 | $23.89 | $33.08 |
| Apr 2013 | $23.87 | $33.11 |
| Mar 2013 | $23.8 | $32.98 |
| Feb 2013 | $23.77 | $33.02 |
| Jan 2013 | $23.75 | $33.27 |
| Dec 2012 | $23.72 | $33.32 |
| Nov 2012 | $23.63 | $33.11 |
| Oct 2012 | $23.56 | $32.85 |
| Sep 2012 | $23.57 | $32.85 |
| Aug 2012 | $23.49 | $32.89 |
| Jul 2012 | $23.49 | $33.07 |
| Jun 2012 | $23.46 | $32.98 |
| May 2012 | $23.41 | $32.86 |
| Apr 2012 | $23.38 | $32.78 |
| Mar 2012 | $23.36 | $32.85 |
| Feb 2012 | $23.28 | $32.98 |
| Jan 2012 | $23.26 | $33.1 |
| Dec 2011 | $23.22 | $33.19 |
| Nov 2011 | $23.19 | $33.06 |
| Oct 2011 | $23.18 | $33.02 |
| Sep 2011 | $23.11 | $32.85 |
| Aug 2011 | $23.07 | $32.85 |
| Jul 2011 | $23.11 | $33 |
| Jun 2011 | $23.01 | $32.88 |
| May 2011 | $22.97 | $32.79 |
| Apr 2011 | $22.91 | $32.86 |
| Mar 2011 | $22.87 | $33.01 |
| Feb 2011 | $22.87 | $33.33 |
| Jan 2011 | $22.87 | $33.5 |
| Dec 2010 | $22.76 | $33.5 |
| Nov 2010 | $22.73 | $33.51 |
| Oct 2010 | $22.74 | $33.54 |
| Sep 2010 | $22.67 | $33.48 |
| Aug 2010 | $22.62 | $33.42 |
| Jul 2010 | $22.59 | $33.42 |
| Jun 2010 | $22.53 | $33.34 |
| May 2010 | $22.51 | $33.28 |
| Apr 2010 | $22.49 | $33.28 |
| Mar 2010 | $22.46 | $33.29 |
| Feb 2010 | $22.46 | $33.43 |
| Jan 2010 | $22.41 | $33.36 |
| Dec 2009 | $22.37 | $33.41 |
| Nov 2009 | $22.33 | $33.3 |
| Oct 2009 | $22.31 | $33.29 |
| Sep 2009 | $22.27 | $33.26 |
| Aug 2009 | $22.23 | $33.22 |
| Jul 2009 | $22.18 | $33.22 |
| Jun 2009 | $22.14 | $33.11 |
| May 2009 | $22.12 | $33.36 |
| Apr 2009 | $22.1 | $33.43 |
| Mar 2009 | $22.05 | $33.44 |
| Feb 2009 | $21.98 | $33.41 |
| Jan 2009 | $21.96 | $33.55 |
| Dec 2008 | $21.94 | $33.66 |
| Nov 2008 | $21.86 | $33.19 |
| Oct 2008 | $21.76 | $32.41 |
| Sep 2008 | $21.73 | $32.04 |
| Aug 2008 | $21.7 | $31.95 |
| Jul 2008 | $21.61 | $31.69 |
| Jun 2008 | $21.52 | $31.72 |
| May 2008 | $21.47 | $31.97 |
| Apr 2008 | $21.38 | $32.1 |
| Mar 2008 | $21.35 | $32.25 |
| Feb 2008 | $21.27 | $32.41 |
| Jan 2008 | $21.19 | $32.38 |
| Dec 2007 | $21.16 | $32.5 |
| Nov 2007 | $21.12 | $32.41 |
| Oct 2007 | $21.07 | $32.53 |
| Sep 2007 | $21.04 | $32.55 |
| Aug 2007 | $21 | $32.58 |
| Jul 2007 | $20.94 | $32.43 |
| Jun 2007 | $20.95 | $32.43 |
| May 2007 | $20.84 | $32.33 |
| Apr 2007 | $20.77 | $32.41 |
| Mar 2007 | $20.73 | $32.56 |
| Feb 2007 | $20.68 | $32.78 |
| Jan 2007 | $20.59 | $32.81 |
| Dec 2006 | $20.58 | $32.9 |
| Nov 2006 | $20.49 | $32.8 |
| Oct 2006 | $20.42 | $32.64 |
| Sep 2006 | $20.4 | $32.43 |
| Aug 2006 | $20.32 | $32.15 |
| Jul 2006 | $20.29 | $32.16 |
| Jun 2006 | $20.23 | $32.16 |
| May 2006 | $20.13 | $32.06 |
| Apr 2006 | $20.15 | $32.26 |
| Mar 2006 | $20.05 | $32.37 |
The Average Hourly Earnings data is derived from the Current Employment Statistics (CES) survey, also known as the establishment survey, conducted monthly by the U.S. Bureau of Labor Statistics (BLS). This survey collects data from a sample of businesses and government agencies across the country.
The series covers all employees on private nonfarm payrolls. It provides insights into wage trends, inflationary pressures originating from the labor market, and the overall economic health. Analyzing this data adjusted for inflation helps to distinguish between nominal wage increases and real gains in purchasing power for the average worker.
More in Income and Earnings
Other Inflation-Adjusted Data