TED: The Economics Daily

In March 2023, 15 percent of private industry workers had access to a defined benefit plan. Defined benefit plans provide employees with guaranteed retirement benefits based on plan formulas. Defined contribution plans determine the value of individual accounts based on the amount of money contributed and the rate of return on the money invested. This type of plan was more widely available to private industry workers as 67 percent of workers had access.

The Producer Price Index for final demand increased 2.1 percent for the 12 months ended in March 2024, the largest advance since rising 2.3 percent for the 12 months ended April 2023.

Over the year ended March 2024, the Consumer Price Index for All Urban Consumers increased 3.5 percent (not seasonally adjusted), after a 3.2-percent increase from February 2023 to February 2024. Prices for all items less food and energy increased 3.8 percent from March 2023 to March 2024.

Real average hourly earnings increased 0.6 percent from March 2023 to March 2024. Real earnings are earnings that have been adjusted for changes in consumer prices. The change in real average hourly earnings combined with no change in the average workweek resulted in a 0.6-percent increase in real average weekly earnings over this period.