Monthly change in inflation
Annual change in average hourly earnings for non-managerial employees, through December of each year
−1.0
−0.5
0.0
0.5
1.0%
Oct.
2019
Jan.
2020
April
July
Oct.
Jan.
2021
April
July
Oct.
Jan.
2022
April
0.3%
0.3%
Recession
Recession
