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Chart of the Day: Average Hourly Earnings

Time-series line chart tracking real average hourly earnings from the early 2000's to present.

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Today's Chart of the Day comes from @CharlieBilello and highlights real average hourly earnings in the US. “Real wages” (pay adjusted for inflation) tell us how far a paycheck really goes.
 
The chart shows a tough two‑year stretch of negative real wage growth (2022-2023) when inflation ran ahead of pay, followed by a longer run of gains as wages began outpacing price increases.
 
With the latest reading near +0.9% YoY, purchasing power is improving at the margin. That’s good news for workers: essentials become a bit more affordable, savings cushions are easier to rebuild, and consumer spending gets support from a trend of positive real income growth.