August Real Average Hourly Earnings Nowcasted

Menzie Chinn
By Menzie Chinn of Econbrowser
Professor of Public Affairs and Economics at the University of Wisconsin •

August real average hourly earnings nowcasts track inflation-adjusted wage growth using Cleveland Fed CPI data.

Source: DepositPhotos

With August hourly earnings and nowcasted August CPI:

Figure 1: Average hourly wage in 2025$ using CPI-all urban (blue), using CPI for wage earners and clerical workers (red). August deflated using Cleveland Fed nowcast. Source: BLS, Cleveland Fed, and author’s calculations.

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