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Real average hourly earnings increased 1.1 percent for year ending February 2024

March 22, 2024

Real average hourly earnings rose 1.1 percent from February 2023 to February 2024, seasonally adjusted. Real earnings are earnings that have been adjusted for changes in consumer prices. The increase in real average hourly earnings combined with a decrease of 0.6 percent in the average workweek resulted in a 0.5-percent increase in real average weekly earnings over this period.

 12-month percent change in real average hourly earnings of all private nonfarm employees, by industry, February 2019–February 2024
Month Total private Mining and logging Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Utilities

Feb 2019

2.1 0.8 1.5 0.7 1.2 3.7 0.1 2.8

Mar 2019

1.6 -0.1 1.6 0.2 1.9 3.1 -0.1 2.4

Apr 2019

1.2 0.7 1.3 -0.1 1.3 2.7 -0.4 0.8

May 2019

1.4 1.6 1.5 0.5 1.4 2.3 0.4 1.9

Jun 2019

1.7 1.7 1.5 0.8 1.4 3.4 0.5 1.6

Jul 2019

1.6 2.9 0.8 0.8 1.1 3.2 0.6 -0.2

Aug 2019

1.7 2.6 1.1 0.8 1.6 3.2 0.5 0.6

Sep 2019

1.5 2.2 0.6 1.0 1.2 2.9 0.6 0.1

Oct 2019

1.4 4.3 0.7 1.0 1.2 2.7 0.6 -0.6

Nov 2019

1.2 2.9 0.7 0.7 1.1 2.8 0.0 -0.4

Dec 2019

0.6 2.9 0.1 0.8 0.0 1.6 -0.3 -0.9

Jan 2020

0.5 2.2 0.4 0.8 0.3 1.6 -0.3 0.6

Feb 2020

0.6 2.2 0.7 0.6 0.7 1.8 -0.3 0.1

Mar 2020

1.9 3.0 1.2 1.9 0.4 3.3 0.3 0.1

Apr 2020

7.7 3.9 2.0 6.1 4.0 7.9 3.5 3.9

May 2020

6.5 4.0 2.2 5.1 3.6 5.9 3.1 2.9

Jun 2020

4.4 3.2 2.2 2.9 1.9 4.3 0.9 3.4

Jul 2020

3.8 1.1 2.2 2.9 2.5 5.3 0.7 4.1

Aug 2020

3.5 0.2 1.8 2.8 1.9 5.4 0.6 4.1

Sep 2020

3.3 0.2 1.6 2.3 1.7 6.1 0.5 4.1

Oct 2020

3.4 -0.7 1.8 2.3 2.1 4.9 0.9 5.4

Nov 2020

3.4 -1.5 1.7 2.3 2.1 4.6 1.2 4.9

Dec 2020

4.0 -1.2 1.5 1.7 2.3 5.3 2.5 3.2

Jan 2021

3.8 -1.0 1.7 1.6 2.5 4.6 1.3 2.6

Feb 2021

3.5 -1.6 1.2 1.6 1.8 3.1 0.9 1.9

Mar 2021

1.9 -3.0 0.1 0.2 1.4 2.3 -0.3 1.0

Apr 2021

-3.3 -4.1 -0.3 -3.8 -1.5 -1.8 -2.7 -1.2

May 2021

-2.6 -5.0 -0.9 -3.0 -1.6 0.6 -3.3 -1.4

Jun 2021

-1.3 -5.5 -1.3 -1.9 -1.2 1.1 0.0 -2.5

Jul 2021

-0.9 -4.3 -1.4 -1.7 -0.8 -0.6 0.1 -2.1

Aug 2021

-0.8 -3.4 -1.2 -1.8 -1.1 -1.0 -0.3 -2.2

Sep 2021

-0.4 -4.0 -0.8 -1.4 -0.8 -1.3 -0.4 -2.3

Oct 2021

-0.7 -4.5 -1.5 -1.8 -1.4 -0.5 -1.2 -4.0

Nov 2021

-1.3 -3.3 -2.3 -2.5 -2.2 -1.2 -0.3 -4.1

Dec 2021

-2.0 -4.0 -2.2 -2.4 -2.1 -1.7 -1.4 -2.3

Jan 2022

-1.8 -5.0 -2.1 -2.2 -2.6 -1.6 -0.9 -2.4

Feb 2022

-2.5 -4.7 -2.6 -3.2 -3.1 -1.1 -1.2 -3.1

Mar 2022

-2.5 -4.6 -2.5 -3.4 -3.7 -1.7 -1.4 -2.2

Apr 2022

-2.4 -6.4 -2.5 -2.9 -3.4 -2.6 -2.0 -2.9

May 2022

-2.7 -5.7 -2.7 -3.8 -4.3 -3.6 -1.3 -2.2

Jun 2022

-3.2 -5.1 -2.9 -4.5 -4.4 -4.2 -3.9 -2.4

Jul 2022

-2.8 -3.9 -2.6 -4.2 -3.9 -3.0 -3.6 -2.7

Aug 2022

-2.6 -4.4 -2.5 -3.9 -4.2 -2.9 -2.5 -3.0

Sep 2022

-2.8 -4.2 -2.6 -4.1 -4.2 -3.5 -2.1 -2.1

Oct 2022

-2.6 -4.2 -2.0 -3.6 -3.0 -2.9 -1.9 -1.1

Nov 2022

-2.0 -3.9 -1.1 -3.0 -3.0 -1.9 -2.6 -1.2

Dec 2022

-1.4 -2.8 -0.4 -2.5 -2.2 -2.0 -2.4 -1.3

Jan 2023

-1.7 -1.4 -1.0 -2.5 -1.2 -2.0 -2.0 -1.0

Feb 2023

-1.2 -1.4 -0.3 -1.9 -1.1 -0.9 -1.2 0.1

Mar 2023

-0.3 -0.4 0.5 -0.8 -0.1 -1.1 0.0 0.4

Apr 2023

-0.2 2.1 0.3 -0.8 -0.2 -0.3 0.6 1.2

May 2023

0.5 2.8 0.8 0.2 0.8 0.1 0.8 1.0

Jun 2023

1.6 2.9 1.6 2.0 2.2 1.3 2.7 2.1

Jul 2023

1.4 1.7 2.1 1.9 1.2 0.5 2.4 2.5

Aug 2023

0.7 1.7 1.6 1.3 1.5 0.1 1.6 1.3

Sep 2023

0.8 2.9 1.4 1.4 1.5 0.4 1.6 0.5

Oct 2023

1.0 3.0 1.6 1.6 0.3 -0.1 2.4 0.9

Nov 2023

1.1 2.7 1.9 2.0 1.2 -0.6 2.7 1.3

Dec 2023

0.9 2.2 1.3 2.1 0.4 0.0 3.2 0.6

Jan 2024

1.3 2.7 2.0 2.0 -0.4 -0.3 3.8 0.7

Feb 2024

1.1 2.7 1.5 2.1 0.1 -1.4 3.4 0.4

Note: Data are seasonally adjusted.

12-month percent change in real average hourly earnings of all private nonfarm employees, by industry, February 2019–February 2024 (continued)
Month Information Financial activities Professional and business services Private education and health services Leisure and hospitality Other services

Feb 2019

5.0 2.2 1.9 1.5 2.5 1.8

Mar 2019

5.1 1.5 1.5 0.8 1.7 0.9

Apr 2019

3.9 1.6 1.6 0.0 1.6 0.7

May 2019

4.1 1.6 1.6 -0.1 2.2 0.8

Jun 2019

3.8 1.8 1.9 0.1 2.0 1.2

Jul 2019

4.2 1.5 1.8 0.4 1.9 1.2

Aug 2019

5.1 1.9 1.5 0.3 1.7 1.0

Sep 2019

2.2 0.9 1.8 0.5 2.0 0.6

Oct 2019

1.8 1.4 1.8 0.7 1.6 0.5

Nov 2019

1.5 1.1 1.6 0.3 1.2 0.4

Dec 2019

0.5 0.9 1.4 -0.1 0.6 0.3

Jan 2020

0.2 1.0 1.1 -0.9 0.8 -0.2

Feb 2020

0.7 1.6 1.1 -0.6 0.8 0.2

Mar 2020

1.2 2.5 1.7 0.5 1.4 1.6

Apr 2020

3.9 4.2 6.6 2.9 9.1 10.4

May 2020

3.8 4.9 5.6 3.8 5.4 9.1

Jun 2020

2.8 4.7 4.0 2.9 2.3 6.1

Jul 2020

3.6 3.9 2.9 2.2 0.9 5.0

Aug 2020

1.3 4.4 2.8 2.0 1.1 3.7

Sep 2020

2.9 4.8 2.6 2.0 0.9 3.6

Oct 2020

4.4 5.8 2.4 2.0 0.9 3.3

Nov 2020

3.2 5.5 2.0 2.4 0.3 3.7

Dec 2020

2.3 5.7 2.3 4.0 0.3 3.7

Jan 2021

2.1 5.6 2.2 3.8 0.6 3.8

Feb 2021

2.0 5.7 2.3 3.4 1.5 4.1

Mar 2021

-0.6 4.9 1.0 2.0 1.7 2.9

Apr 2021

-2.5 2.7 -3.4 0.5 -4.8 -5.3

May 2021

-3.6 1.9 -2.5 -0.5 -1.3 -4.5

Jun 2021

-3.4 0.8 -1.4 -0.5 2.7 -2.5

Jul 2021

-4.6 1.2 -0.6 -0.1 4.3 -1.5

Aug 2021

-4.4 -0.2 -0.4 0.3 4.9 -0.2

Sep 2021

-4.4 -0.4 -0.4 1.1 5.2 -0.4

Oct 2021

-5.6 -1.4 -0.4 0.6 6.3 -0.4

Nov 2021

-5.9 -1.9 -0.8 0.0 6.3 -1.6

Dec 2021

-5.1 -2.9 -1.0 -1.4 6.3 -1.8

Jan 2022

-5.5 -3.2 -0.9 -0.9 5.2 -2.3

Feb 2022

-5.7 -4.7 -1.5 -1.3 3.6 -3.2

Mar 2022

-4.9 -4.9 -1.3 -1.6 3.3 -3.9

Apr 2022

-4.6 -4.6 -1.2 -1.8 2.7 -3.5

May 2022

-4.0 -5.5 -1.9 -1.9 1.9 -4.2

Jun 2022

-3.7 -5.2 -2.9 -2.2 0.0 -4.3

Jul 2022

-3.2 -4.5 -2.4 -1.5 0.4 -3.7

Aug 2022

-1.2 -3.9 -2.4 -1.7 0.1 -4.1

Sep 2022

-0.4 -3.5 -2.7 -2.9 -0.4 -3.6

Oct 2022

-1.4 -3.8 -2.4 -2.5 -1.1 -3.5

Nov 2022

-0.7 -3.4 -1.6 -1.8 -0.4 -2.5

Dec 2022

-0.2 -2.1 -1.2 -1.4 0.4 -2.4

Jan 2023

-0.4 -2.2 -1.4 -1.8 0.6 -1.9

Feb 2023

-0.3 -1.5 -1.1 -1.6 0.7 -1.3

Mar 2023

0.9 -0.8 -0.4 -0.4 1.0 0.3

Apr 2023

-0.3 -1.3 -0.4 -0.3 1.0 0.1

May 2023

0.6 0.1 0.2 0.2 1.7 1.2

Jun 2023

0.7 1.2 1.5 1.0 2.6 2.3

Jul 2023

0.4 1.2 1.4 0.5 1.9 2.0

Aug 2023

-1.4 1.4 0.7 0.1 1.3 2.0

Sep 2023

-2.2 1.3 0.7 0.6 1.0 1.6

Oct 2023

-0.9 1.8 1.0 0.6 1.5 2.1

Nov 2023

0.2 2.2 1.1 0.3 1.3 1.9

Dec 2023

-0.5 1.7 0.9 0.1 0.7 2.3

Jan 2024

-0.3 2.3 1.2 0.5 1.2 2.3

Feb 2024

-1.3 2.6 1.1 0.6 1.4 2.0

Note: Data are seasonally adjusted.

The following industries had increases of at least 1.5 percent in real average hourly earnings from February 2023 to February 2024: construction (+1.5 percent), other services (+2.0 percent), manufacturing (+2.1 percent), financial activities (+2.6 percent), mining and logging (+2.7 percent), and transportation and warehousing (+3.4 percent).

The 2.6-percent increase in financial activities real earnings was the largest 12-month advance since April 2021, when real average hourly earnings rose 2.7 percent.

For the third month in a row, real average hourly earnings in the information industry were lower than a year prior, down 1.3 percent from February 2023 to February 2024.

These data are from the Current Employment Statistics program and are seasonally adjusted. Earnings for the most recent 2 months are preliminary. For more information, see "Real Earnings — February 2024." The Consumer Price Index is used to adjust earnings for inflation.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Real average hourly earnings increased 1.1 percent for year ending February 2024 at https://www.bls.gov/opub/ted/2024/real-average-hourly-earnings-increased-1-1-percent-for-year-ending-february-2024.htm (visited April 17, 2024).

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