Average hourly earnings, 12-month
U.S. Bureau of Labor Statistics · monthly · 235 observations
3.0%
As of Sep 2026
114th highest of 235 months since Mar 2007 (tied with 4 months; series begins Mar 2006); lowest since May 2021.
−0.1 pp vs prior month−0.8 pp vs a year earlier
Percent
Source: U.S. Bureau of Labor Statistics. 12-month % change computed from CES0500000003 index levels
About this series
What it measures
The 12-month change in average hourly pay for private-sector workers, from the payroll survey. The level was $37.81 in September 2026.
Why it matters
It is the quickest monthly read on pay growth across the private sector.
Common misreads
It is an average, so it rises when lower-paid jobs disappear even if nobody gets a raise (a 'composition effect'). It is not adjusted for inflation.