Wages vs. prices
U.S. Bureau of Labor Statistics (computed) · monthly · 233 observations
−0.3
As of Aug 2026
−0.1 pp vs prior month−1.4 pp vs a year earlier
Percentage points
Source: U.S. Bureau of Labor Statistics
About this series
What it measures
Average hourly earnings growth over the past year minus CPI inflation over the same year. A positive number shows pay rose faster than prices; a negative number shows pay rose more slowly than prices.
Why it matters
It is a simple way to see whether typical paychecks are keeping up with the cost of living.
Common misreads
It uses average pay, not the pay of a typical worker, and the averages can shift with who is employed. BLS publishes its own 'real earnings' series using CPI-W and seasonally adjusted data, which can differ slightly from this.