Real Wages YoY measures the annual percentage change in employees' earnings after adjusting for inflation, typically using the Consumer Price Index (CPI). It is a vital indicator of the actual purchasing power of households and the overall health of the labor market. If nominal wages rise slower than inflation, real wages decline, which can lead to reduced consumer spending and slower economic growth. Central banks monitor this closely to assess the risk of wage-price spirals.
Calculated by taking the percentage change in nominal wages and subtracting the inflation rate (CPI) for the same period. A positive figure indicates an increase in purchasing power.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Sep 3, 2026 | — | 5.00 | — |
| Jun 4, 2026 | 6.40 | 5.10 | +1.30 |
| Dec 4, 2025 | 4.50 | 4.60 | -0.10 |
| Sep 3, 2025 | 5.30 | 4.40 | +0.90 |
| Jun 4, 2025 | 3.90 | 4.00 | -0.10 |
| Mar 6, 2025 | 4.20 | 3.90 | +0.30 |
| Dec 4, 2024 | 4.60 | 4.30 | +0.30 |
| Sep 3, 2024 | 3.90 | 4.30 | -0.40 |
| Jun 4, 2024 | 4.80 | 4.10 | +0.70 |
| Mar 5, 2024 | -1.20 | -1.00 | -0.20 |
| Dec 4, 2023 | -0.80 | -0.70 | -0.10 |
| Sep 4, 2023 | -3.10 | -2.40 | -0.70 |
| Jun 5, 2023 | -6.70 | -6.20 | -0.50 |
| Mar 6, 2023 | -6.70 | -7.20 | +0.50 |
| Dec 5, 2022 | -9.80 | -9.80 | 0.00 |
| Sep 5, 2022 | -9.80 | -9.50 | -0.30 |
| Jun 7, 2022 | -3.60 | -4.20 | +0.60 |
| Mar 7, 2022 | -2.00 | -0.70 | -1.30 |
| Dec 6, 2021 | 1.50 | 1.40 | +0.10 |
| Sep 3, 2021 | 8.20 | 5.40 | +2.80 |
