Elise
Wage growth shows no sign of accelerating in 2022: Annualized quarterly wage changes, alternative measures, 2018-2022
| AHE, total private | AHE, prod/nonsuper | NIPA Wages and salaries/private-sector aggregate hours | ECI (private wages and salaries) | ECI (private, excluding incentive paid) | |
|---|---|---|---|---|---|
| 2018-06-01 | 2.8% | 2.8% | 1.8% | 2.8% | 2.8% |
| 2018-07-01 | 3.1% | 3.0% | 3.4% | 3.1% | 2.7% |
| 2018-08-01 | 3.2% | 3.1% | 5.0% | 3.4% | 2.7% |
| 2018-09-01 | 3.7% | 3.3% | 4.7% | 3.7% | 2.7% |
| 2018-10-01 | 3.9% | 3.5% | 3.6% | 3.3% | 2.5% |
| 2018-11-01 | 3.8% | 3.6% | 1.5% | 3.0% | 2.3% |
| 2018-12-01 | 3.6% | 3.9% | 1.3% | 2.7% | 2.1% |
| 2019-01-01 | 3.5% | 4.1% | 3.3% | 2.7% | 2.6% |
| 2019-02-01 | 3.8% | 4.3% | 6.7% | 2.7% | 3.1% |
| 2019-03-01 | 3.7% | 4.0% | 9.6% | 2.7% | 3.6% |
| 2019-04-01 | 3.4% | 3.6% | 9.3% | 2.8% | 3.5% |
| 2019-05-01 | 2.8% | 3.3% | 5.9% | 2.9% | 3.4% |
| 2019-06-01 | 2.3% | 2.9% | 2.1% | 3.0% | 3.3% |
| 2019-07-01 | 2.6% | 3.1% | -0.8% | 3.2% | 3.1% |
| 2019-08-01 | 3.3% | 3.5% | -0.6% | 3.4% | 2.9% |
| 2019-09-01 | 3.6% | 3.9% | -0.2% | 3.6% | 2.7% |
| 2019-10-01 | 3.3% | 3.8% | 2.1% | 3.2% | 2.6% |
| 2019-11-01 | 3.0% | 3.6% | 3.5% | 2.9% | 2.4% |
| 2019-12-01 | 3.1% | 3.2% | 5.3% | 2.6% | 2.3% |
| 2020-01-01 | 3.1% | 2.9% | 6.8% | 3.1% | 3.0% |
| 2020-02-01 | 3.0% | 3.1% | 7.5% | 3.6% | 3.7% |
| 2020-03-01 | 4.0% | 4.2% | 5.9% | 4.1% | 4.4% |
| 2020-04-01 | 10.8% | 10.3% | 11.6% | 3.2% | 3.4% |
| 2020-05-01 | 15.6% | 14.7% | 16.4% | 2.3% | 2.4% |
| 2020-06-01 | 16.3% | 16.2% | 24.9% | 1.4% | 1.4% |
| 2020-07-01 | 5.2% | 6.3% | 13.2% | 1.7% | 1.8% |
| 2020-08-01 | -1.2% | 0.1% | 4.1% | 2.0% | 2.2% |
| 2020-09-01 | -3.0% | -3.1% | -3.8% | 2.3% | 2.6% |
| 2020-10-01 | 0.2% | -0.1% | -1.1% | 2.7% | 2.6% |
| 2020-11-01 | 2.0% | 1.4% | 4.3% | 3.1% | 2.6% |
| 2020-12-01 | 3.2% | 3.4% | 10.6% | 3.4% | 2.6% |
| 2021-01-01 | 4.5% | 4.5% | 11.6% | 3.9% | 3.1% |
| 2021-02-01 | 5.5% | 5.8% | 8.0% | 4.4% | 3.7% |
| 2021-03-01 | 4.2% | 4.6% | 0.0% | 4.8% | 4.3% |
| 2021-04-01 | 3.6% | 4.4% | -0.4% | 4.4% | 4.2% |
| 2021-05-01 | 3.3% | 4.8% | 1.5% | 4.0% | 4.1% |
| 2021-06-01 | 4.7% | 6.4% | 9.0% | 3.6% | 3.9% |
| 2021-07-01 | 5.7% | 7.2% | 10.6% | 4.6% | 4.3% |
| 2021-08-01 | 6.0% | 7.3% | 11.2% | 5.5% | 4.7% |
| 2021-09-01 | 5.7% | 7.2% | 8.2% | 6.5% | 5.0% |
| 2021-10-01 | 5.5% | 7.1% | 8.0% | 5.9% | 5.1% |
| 2021-11-01 | 5.8% | 7.2% | 8.6% | 5.3% | 5.2% |
| 2021-12-01 | 6.1% | 7.3% | 10.0% | 4.7% | 5.3% |
| 2022-01-01 | 6.1% | 7.2% | 10.0% | 4.8% | 5.7% |
| 2022-02-01 | 5.6% | 6.9% | 8.6% | 5.0% | 6.2% |
| 2022-03-01 | 5.2% | 6.0% | 7.7% | 5.2% | 6.6% |
| 2022-04-01 | 4.5% | 5.2% | 6.6% | 5.6% | 6.2% |
| 2022-05-01 | 4.5% | 5.1% | 6.3% | 6.0% | 5.8% |
| 2022-06-01 | 4.5% | 5.4% | 5.3% | 6.5% | 5.4% |
| 2022-07-01 | 4.9% | 5.8% | 5.2% | ||
| 2022-08-01 | 4.9% | 5.8% |
Notes: NIPA wages and salaries are adjusted to hourly wages and salaries by dividing by CES aggregate hours (including imputed hours for agricultural and self-employed workers from the CPS); ECI data is reported quarterly, but interpolated here for comparison; only the March, June, September, and December months provided are from the ECI data.
Source: EPI analysis of Bureau of Labor Statistics' (BLS) Current Employment Series and Current Population Survey and Bureau of Economic Analysis' (BEA) National Income and Product Accounts
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