The trend since 2019.
The latest available read: Average Hourly Earnings YoY is at 3.09% as of August 2026. Source: FRED · CES0500000003.
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 feeds the Jobs & Labor view — one of the six areas behind the site's Macro IQ score.