Real Wages, Through December
Image source: Pixabay
Average wage for production and nonsupervisory workers in total private and leisure and hospitality services, and implied by median wage growth, all up relative to 2019M12, just before the pandemic.
FIgure 1: Chained CPI deflated real wage for total private (blue), leisure and hospitality (tan) and level implied by median wage growth overall (green square), all in logs, 2019M12=0. NBER defined peak-to-trough recession dates shaded gray. Source: BLS via FRED, and Atlanta Fed Wage Tracker, NBER, and author’s calculations.
Since the graph is on a log scale, one can see growth rate of real median wages from CPS data at about same rate as that for leisure and hospitality, and faster than that for all private sector production & nonsupervisory workers.
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