The trend over time.
The latest available read: Average Hourly Earnings YoY is at 3.02% as of September 2026. Source: FRED · CES0500000003. CSV and PNG downloads cover the selected date range.
What Average Hourly Earnings YoY measures.
The year-over-year percentage change in average hourly earnings of all private-sector employees, from the BLS payroll survey.
It is a headline measure of wage growth, but averages shift with the mix of jobs: layoffs concentrated in low-paid work lift the average even if no one gets a raise. Compare it with inflation to see whether pay is gaining purchasing power.
Why it matters.
If you're employed, this measures whether your paycheck is actually keeping up with living costs and inflation. Declining wage growth could signal a loosening labor market, which typically leads to slower hiring and potentially softer job security down the road.
Where it fits.
Average Hourly Earnings YoY is covered on the Jobs & Labor page.