Average Hourly Earnings YoY measures the year-over-year change in the price businesses pay for labor, excluding the farming industry. It is a key indicator of consumer inflation, as businesses often pass on higher labor costs to consumers through increased prices for goods and services. The Federal Reserve closely monitors this data to assess wage-push inflation and determine future monetary policy. A rising trend in earnings suggests a tightening labor market and potential for higher interest rates.
The figure is calculated by dividing the total payrolls for all employees in the private nonfarm sector by the total number of hours worked, then comparing it to the same month of the previous year.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Oct 2, 2026 | — | 3.30 | — |
| Aug 7, 2026 | 3.20 | 3.50 | -0.30 |
| Jul 2, 2026 | 3.40 | 3.50 | -0.10 |
| Jun 5, 2026 | 3.34 | 3.40 | -0.06 |
| May 8, 2026 | 3.60 | 3.80 | -0.20 |
| Mar 6, 2026 | 3.70 | 3.70 | +0.00 |
| Feb 11, 2026 | 3.70 | 3.60 | +0.10 |
| Jan 9, 2026 | 3.73 | 3.60 | +0.13 |
| Dec 16, 2025 | 3.93 | 3.80 | +0.13 |
| Nov 20, 2025 | 3.92 | 3.70 | +0.22 |
| Sep 5, 2025 | 3.98 | 3.70 | +0.28 |
| Aug 1, 2025 | 3.96 | 3.80 | +0.16 |
| Jul 3, 2025 | 3.86 | 3.90 | -0.04 |
| Jun 6, 2025 | 3.98 | 3.70 | +0.28 |
| May 2, 2025 | 3.91 | 3.90 | +0.01 |
| Apr 4, 2025 | 4.21 | 3.90 | +0.31 |
| Mar 7, 2025 | 4.11 | 4.10 | +0.01 |
| Feb 7, 2025 | 3.97 | 3.80 | +0.17 |
| Jan 10, 2025 | 4.08 | 4.00 | +0.08 |
| Dec 6, 2024 | 4.18 | 3.90 | +0.28 |
| Nov 1, 2024 | 4.00 | 4.00 | 0.00 |
| Oct 4, 2024 | 3.92 | 3.80 | +0.12 |
| Aug 2, 2024 | 3.63 | 3.70 | -0.07 |
| Jun 7, 2024 | 4.15 | 3.90 | +0.25 |
| Apr 5, 2024 | 4.10 | 4.10 | 0.00 |
| Mar 8, 2024 | 4.13 | 4.40 | -0.27 |
| Feb 2, 2024 | 4.39 | 4.10 | +0.29 |
| Dec 8, 2023 | 4.00 | 4.00 | 0.00 |
| Nov 3, 2023 | 4.10 | 4.00 | +0.10 |
| Oct 6, 2023 | 4.20 | 4.30 | -0.10 |
| Sep 1, 2023 | 4.30 | 4.40 | -0.10 |
| Aug 4, 2023 | 4.40 | 4.20 | +0.20 |
| Jul 7, 2023 | 4.40 | 4.20 | +0.20 |
| Jun 2, 2023 | 4.30 | 4.40 | -0.10 |
| May 5, 2023 | 4.40 | 4.20 | +0.20 |
| Apr 7, 2023 | 4.20 | 4.30 | -0.10 |
| Mar 10, 2023 | 4.60 | 4.70 | -0.10 |
| Feb 3, 2023 | 4.40 | 4.30 | +0.10 |
| Jan 6, 2023 | 4.60 | 5.00 | -0.40 |
| Dec 2, 2022 | 5.10 | 4.60 | +0.50 |
| Nov 4, 2022 | 4.70 | 4.70 | 0.00 |
| Oct 7, 2022 | 5.00 | 5.10 | -0.10 |
| Sep 2, 2022 | 5.20 | 5.30 | -0.10 |
| Aug 5, 2022 | 5.20 | 4.90 | +0.30 |
| Jul 8, 2022 | 5.10 | 5.00 | +0.10 |
| Jun 3, 2022 | 5.20 | 5.20 | 0.00 |
| May 6, 2022 | 5.50 | 5.50 | 0.00 |
| Apr 1, 2022 | 5.60 | 5.50 | +0.10 |
| Mar 4, 2022 | 5.10 | 5.80 | -0.70 |
| Feb 4, 2022 | 5.70 | 5.20 | +0.50 |
| Jan 7, 2022 | 4.70 | 4.20 | +0.50 |
| Date | First print | Current | Revision |
|---|---|---|---|
| Jul 2, 2026 | 3.50 | 3.40 | -0.10 ↓ |
| Jun 5, 2026 | 3.40 | 3.34 | -0.06 ↓ |
| Mar 6, 2026 | 3.80 | 3.70 | -0.10 ↓ |
| Jan 9, 2026 | 3.80 | 3.73 | -0.07 ↓ |
| Dec 16, 2025 | 3.70 | 3.93 | +0.23 ↑ |
| Nov 20, 2025 | 3.80 | 3.92 | +0.12 ↑ |
| Sep 5, 2025 | 3.70 | 3.98 | +0.28 ↑ |
| Aug 1, 2025 | 3.90 | 3.96 | +0.06 ↑ |
| Jul 3, 2025 | 3.70 | 3.86 | +0.16 ↑ |
| Jun 6, 2025 | 3.90 | 3.98 | +0.08 ↑ |
