Wages are up, but inflation cancels out any gains
Average hourly earnings for private-sector jobs, change from a year earlier
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
−3
−2
−1
0
1
2
3
4
5
6
7
8%
Earnings growth
Adjusted for inflation
Recession
Recession
Earnings growth is at its highest level in decades
Earnings growth is at its highest level in decades
But after accounting for inflation, all those gains disappear
But after accounting for inflation, all those gains disappear
5.1%
−1.1%
