Americans are earning less now compared to the same time last year, even after adjusting for inflation

Real average weekly earnings for all employees on private nonfarm payrolls, seasonally adjusted

Notes: Shaded areas indicate U.S. recessions. The Consumer Price Index for All Urban Consumers (CPI-U) is used to deflate the earnings series for all employees. The April CPI-U estimates are based on preliminary reports. October 2025 is missing because of the government shutdown
Chart: Monday Morning EconomistSource: Bureau of Labor Statistics via FREDCreated with Datawrapper