The decline comes as US CPI inflation remains above 3.0% for the sixth straight month, the longest such period since mid-2024. Nominal average hourly earnings rose 3.0% year-over-year in September, the slowest growth since May 2021, continuing a downward trend from the 4.2% growth recorded in March 2025.
Tuesday, October 20, 2026
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US Real Wages Fall 5th Month on Slowest Pay Growth Since May 2021
US Markets15 days ago
Average hourly earnings for American workers dropped 0.3% year-over-year in September when adjusted for inflation. This marks the fifth consecutive monthly decline in real pay, following decreases of 0.2% in August, 0.3% in July, and 0.8% in June, which was the steepest drop since May 2023. The recent trend is a reversal from February, when real wages grew by 1.3% year-over-year.
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