Nominal Wage Tracker

Key numbers on nominal wages

Actual year-over-year growth for private employees: 3.9%

Chart: Nominal wage growth has been far below target in the recovery
Chart: Mind the wage gap
Chart: Labor’s share of corporate income hasn’t recovered

Year-over-year change in private-sector nominal average hourly earnings, 2007–2025

Year-over-year change in private-sector nominal average hourly earnings, 2007–2025

date	All nonfarm employees	Production/nonsupervisory workers
Mar-2007	3.4%	4.1%
Apr-2007	3.1%	3.8%
May-2007	3.5%	4.1%
Jun-2007	3.6%	4.1%
Jul-2007	3.2%	4.1%
Aug-2007	3.3%	4.0%
Sep-2007	3.1%	4.0%
Oct-2007	3.2%	3.8%
Nov-2007	3.1%	3.8%
Dec-2007	2.8%	3.7%
Jan-2008	2.9%	3.8%
Feb-2008	2.9%	3.7%
Mar-2008	3.0%	3.8%
Apr-2008	2.9%	3.8%
May-2008	3.0%	3.7%
Jun-2008	2.7%	3.6%
Jul-2008	3.2%	3.7%
Aug-2008	3.3%	3.9%
Sep-2008	3.3%	3.7%
Oct-2008	3.3%	3.8%
Nov-2008	3.5%	3.9%
Dec-2008	3.7%	4.0%
Jan-2009	3.6%	3.7%
Feb-2009	3.3%	3.6%
Mar-2009	3.3%	3.5%
Apr-2009	3.4%	3.3%
May-2009	3.0%	3.1%
Jun-2009	2.9%	2.9%
Jul-2009	2.6%	2.7%
Aug-2009	2.4%	2.7%
Sep-2009	2.5%	2.7%
Oct-2009	2.5%	2.7%
Nov-2009	2.2%	2.7%
Dec-2009	2.0%	2.4%
Jan-2010	2.0%	2.7%
Feb-2010	2.2%	2.5%
Mar-2010	1.9%	2.3%
Apr-2010	1.8%	2.4%
May-2010	1.8%	2.6%
Jun-2010	1.8%	2.5%
Jul-2010	1.8%	2.4%
Aug-2010	1.8%	2.4%
Sep-2010	1.8%	2.2%
Oct-2010	1.9%	2.5%
Nov-2010	1.8%	2.2%
Dec-2010	1.7%	2.1%
Jan-2011	2.1%	2.4%
Feb-2011	1.8%	2.1%
Mar-2011	1.8%	2.0%
Apr-2011	1.9%	2.1%
May-2011	2.0%	2.1%
Jun-2011	2.1%	2.0%
Jul-2011	2.3%	2.3%
Aug-2011	2.0%	1.9%
Sep-2011	1.9%	2.0%
Oct-2011	1.9%	1.8%
Nov-2011	2.0%	1.8%
Dec-2011	2.0%	1.8%
Jan-2012	1.7%	1.3%
Feb-2012	1.8%	1.4%
Mar-2012	2.1%	1.8%
Apr-2012	2.1%	1.6%
May-2012	1.9%	1.4%
Jun-2012	2.0%	1.5%
Jul-2012	1.6%	1.4%
Aug-2012	1.8%	1.4%
Sep-2012	2.0%	1.5%
Oct-2012	1.6%	1.2%
Nov-2012	1.9%	1.5%
Dec-2012	2.2%	1.7%
Jan-2013	2.1%	1.8%
Feb-2013	2.1%	2.1%
Mar-2013	1.9%	1.9%
Apr-2013	2.1%	1.9%
May-2013	2.1%	1.8%
Jun-2013	2.1%	2.1%
Jul-2013	2.1%	2.0%
Aug-2013	2.3%	2.2%
Sep-2013	2.1%	2.2%
Oct-2013	2.2%	2.3%
Nov-2013	2.2%	2.3%
Dec-2013	1.9%	2.2%
Jan-2014	2.0%	2.3%
Feb-2014	2.4%	2.6%
Mar-2014	2.1%	2.4%
Apr-2014	2.0%	2.4%
May-2014	2.1%	2.4%
Jun-2014	2.1%	2.3%
Jul-2014	2.1%	2.3%
Aug-2014	2.2%	2.4%
Sep-2014	2.0%	2.1%
Oct-2014	2.0%	2.2%
Nov-2014	2.1%	2.3%
Dec-2014	1.9%	1.8%
Jan-2015	2.1%	2.0%
Feb-2015	1.9%	1.6%
Mar-2015	2.2%	2.0%
Apr-2015	2.3%	1.9%
May-2015	2.3%	2.2%
Jun-2015	2.1%	1.9%
Jul-2015	2.2%	2.0%
Aug-2015	2.2%	2.2%
Sep-2015	2.3%	2.1%
Oct-2015	2.5%	2.4%
Nov-2015	2.4%	2.1%
Dec-2015	2.5%	2.5%
Jan-2016	2.5%	2.5%
Feb-2016	2.3%	2.4%
Mar-2016	2.4%	2.3%
Apr-2016	2.6%	2.6%
May-2016	2.4%	2.3%
Jun-2016	2.6%	2.5%
Jul-2016	2.7%	2.6%
Aug-2016	2.5%	2.3%
Sep-2016	2.6%	2.5%
Oct-2016	2.8%	2.5%
Nov-2016	2.6%	2.4%
Dec-2016	2.7%	2.5%
Jan-2017	2.5%	2.4%
Feb-2017	2.7%	2.4%
Mar-2017	2.6%	2.3%
Apr-2017	2.5%	2.2%
May-2017	2.5%	2.3%
Jun-2017	2.5%	2.3%
Jul-2017	2.6%	2.3%
Aug-2017	2.6%	2.3%
Sep-2017	2.8%	2.6%
Oct-2017	2.3%	2.2%
Nov-2017	2.5%	2.3%
Dec-2017	2.7%	2.5%
Jan-2018	2.8%	2.5%
Feb-2018	2.6%	2.6%
Mar-2018	2.8%	2.8%
Apr-2018	2.8%	2.8%
May-2018	2.9%	2.9%
Jun-2018	2.9%	2.9%
Jul-2018	2.8%	2.9%
Aug-2018	3.2%	3.1%
Sep-2018	3.1%	3.1%
Oct-2018	3.3%	3.2%
Nov-2018	3.4%	3.5%
Dec-2018	3.5%	3.6%
Jan-2019	3.3%	3.4%
Feb-2019	3.6%	3.5%
Mar-2019	3.4%	3.6%
Apr-2019	3.3%	3.5%
May-2019	3.3%	3.5%
Jun-2019	3.4%	3.6%
Jul-2019	3.4%	3.7%
Aug-2019	3.4%	3.6%
Sep-2019	3.1%	3.6%
Oct-2019	3.1%	3.8%
Nov-2019	3.3%	3.6%
Dec-2019	3.0%	3.2%
Jan-2020	3.0%	3.4%
Feb-2020	3.1%	3.6%
Mar-2020	3.5%	3.6%
Apr-2020	8.1%	7.8%
May-2020	6.6%	6.8%
Jun-2020	5.1%	5.5%
Jul-2020	4.9%	4.9%
Aug-2020	4.8%	5.0%
Sep-2020	4.8%	4.8%
Oct-2020	4.7%	4.6%
Nov-2020	4.6%	4.7%
Dec-2020	5.4%	5.6%
Jan-2021	5.2%	5.3%
Feb-2021	5.4%	5.1%
Mar-2021	4.5%	5.1%
Apr-2021	0.6%	1.5%
May-2021	2.3%	2.8%
Jun-2021	4.0%	4.2%
Jul-2021	4.3%	5.1%
Aug-2021	4.4%	5.3%
Sep-2021	4.9%	6.0%
Oct-2021	5.4%	6.5%
Nov-2021	5.4%	6.5%
Dec-2021	5.0%	6.3%
Jan-2022	5.7%	6.9%
Feb-2022	5.3%	6.8%
Mar-2022	5.9%	7.0%
Apr-2022	5.7%	6.9%
May-2022	5.6%	6.7%
Jun-2022	5.4%	6.7%
Jul-2022	5.5%	6.5%
Aug-2022	5.4%	6.2%
Sep-2022	5.1%	5.9%
Oct-2022	5.0%	5.8%
Nov-2022	5.1%	5.9%
Dec-2022	4.9%	5.5%
Jan-2023	4.5%	5.2%
Feb-2023	4.7%	5.4%
Mar-2023	4.6%	5.4%
Apr-2023	4.6%	5.2%
May-2023	4.4%	5.0%
Jun-2023	4.6%	4.9%
Jul-2023	4.6%	4.9%
Aug-2023	4.5%	4.8%
Sep-2023	4.4%	4.7%
Oct-2023	4.2%	4.5%
Nov-2023	4.1%	4.5%
Dec-2023	4.1%	4.4%
Jan-2024	4.3%	4.6%
Feb-2024	4.2%	4.4%
Mar-2024	4.2%	4.2%
Apr-2024	4.0%	4.0%
May-2024	4.1%	4.1%
Jun-2024	3.9%	4.1%
Jul-2024	3.6%	4.0%
Aug-2024	4.0%	4.2%
Sep-2024	3.9%	4.2%
Oct-2024	4.1%	4.2%
Nov-2024	4.2%	4.1%
Dec-2024	4.0%	4.0%
Jan-2025	3.9%	4.0%
Feb-2025	4.0%	4.2%
Mar-2025	3.8%	3.9%

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"Year-over-year change in private-sector nominal average hourly earnings, 2007–2025"
"From https://www.epi.org/nominal-wage-tracker/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosmarkets&stream=business"

"date"	"All nonfarm employees"	"Production/nonsupervisory workers"
"Mar-2007"	"3.4%"	"4.1%"
"Apr-2007"	"3.1%"	"3.8%"
"May-2007"	"3.5%"	"4.1%"
"Jun-2007"	"3.6%"	"4.1%"
"Jul-2007"	"3.2%"	"4.1%"
"Aug-2007"	"3.3%"	"4.0%"
"Sep-2007"	"3.1%"	"4.0%"
"Oct-2007"	"3.2%"	"3.8%"
"Nov-2007"	"3.1%"	"3.8%"
"Dec-2007"	"2.8%"	"3.7%"
"Jan-2008"	"2.9%"	"3.8%"
"Feb-2008"	"2.9%"	"3.7%"
"Mar-2008"	"3.0%"	"3.8%"
"Apr-2008"	"2.9%"	"3.8%"
"May-2008"	"3.0%"	"3.7%"
"Jun-2008"	"2.7%"	"3.6%"
"Jul-2008"	"3.2%"	"3.7%"
"Aug-2008"	"3.3%"	"3.9%"
"Sep-2008"	"3.3%"	"3.7%"
"Oct-2008"	"3.3%"	"3.8%"
"Nov-2008"	"3.5%"	"3.9%"
"Dec-2008"	"3.7%"	"4.0%"
"Jan-2009"	"3.6%"	"3.7%"
"Feb-2009"	"3.3%"	"3.6%"
"Mar-2009"	"3.3%"	"3.5%"
"Apr-2009"	"3.4%"	"3.3%"
"May-2009"	"3.0%"	"3.1%"
"Jun-2009"	"2.9%"	"2.9%"
"Jul-2009"	"2.6%"	"2.7%"
"Aug-2009"	"2.4%"	"2.7%"
"Sep-2009"	"2.5%"	"2.7%"
"Oct-2009"	"2.5%"	"2.7%"
"Nov-2009"	"2.2%"	"2.7%"
"Dec-2009"	"2.0%"	"2.4%"
"Jan-2010"	"2.0%"	"2.7%"
"Feb-2010"	"2.2%"	"2.5%"
"Mar-2010"	"1.9%"	"2.3%"
"Apr-2010"	"1.8%"	"2.4%"
"May-2010"	"1.8%"	"2.6%"
"Jun-2010"	"1.8%"	"2.5%"
"Jul-2010"	"1.8%"	"2.4%"
"Aug-2010"	"1.8%"	"2.4%"
"Sep-2010"	"1.8%"	"2.2%"
"Oct-2010"	"1.9%"	"2.5%"
"Nov-2010"	"1.8%"	"2.2%"
"Dec-2010"	"1.7%"	"2.1%"
"Jan-2011"	"2.1%"	"2.4%"
"Feb-2011"	"1.8%"	"2.1%"
"Mar-2011"	"1.8%"	"2.0%"
"Apr-2011"	"1.9%"	"2.1%"
"May-2011"	"2.0%"	"2.1%"
"Jun-2011"	"2.1%"	"2.0%"
"Jul-2011"	"2.3%"	"2.3%"
"Aug-2011"	"2.0%"	"1.9%"
"Sep-2011"	"1.9%"	"2.0%"
"Oct-2011"	"1.9%"	"1.8%"
"Nov-2011"	"2.0%"	"1.8%"
"Dec-2011"	"2.0%"	"1.8%"
"Jan-2012"	"1.7%"	"1.3%"
"Feb-2012"	"1.8%"	"1.4%"
"Mar-2012"	"2.1%"	"1.8%"
"Apr-2012"	"2.1%"	"1.6%"
"May-2012"	"1.9%"	"1.4%"
"Jun-2012"	"2.0%"	"1.5%"
"Jul-2012"	"1.6%"	"1.4%"
"Aug-2012"	"1.8%"	"1.4%"
"Sep-2012"	"2.0%"	"1.5%"
"Oct-2012"	"1.6%"	"1.2%"
"Nov-2012"	"1.9%"	"1.5%"
"Dec-2012"	"2.2%"	"1.7%"
"Jan-2013"	"2.1%"	"1.8%"
"Feb-2013"	"2.1%"	"2.1%"
"Mar-2013"	"1.9%"	"1.9%"
"Apr-2013"	"2.1%"	"1.9%"
"May-2013"	"2.1%"	"1.8%"
"Jun-2013"	"2.1%"	"2.1%"
"Jul-2013"	"2.1%"	"2.0%"
"Aug-2013"	"2.3%"	"2.2%"
"Sep-2013"	"2.1%"	"2.2%"
"Oct-2013"	"2.2%"	"2.3%"
"Nov-2013"	"2.2%"	"2.3%"
"Dec-2013"	"1.9%"	"2.2%"
"Jan-2014"	"2.0%"	"2.3%"
"Feb-2014"	"2.4%"	"2.6%"
"Mar-2014"	"2.1%"	"2.4%"
"Apr-2014"	"2.0%"	"2.4%"
"May-2014"	"2.1%"	"2.4%"
"Jun-2014"	"2.1%"	"2.3%"
"Jul-2014"	"2.1%"	"2.3%"
"Aug-2014"	"2.2%"	"2.4%"
"Sep-2014"	"2.0%"	"2.1%"
"Oct-2014"	"2.0%"	"2.2%"
"Nov-2014"	"2.1%"	"2.3%"
"Dec-2014"	"1.9%"	"1.8%"
"Jan-2015"	"2.1%"	"2.0%"
"Feb-2015"	"1.9%"	"1.6%"
"Mar-2015"	"2.2%"	"2.0%"
"Apr-2015"	"2.3%"	"1.9%"
"May-2015"	"2.3%"	"2.2%"
"Jun-2015"	"2.1%"	"1.9%"
"Jul-2015"	"2.2%"	"2.0%"
"Aug-2015"	"2.2%"	"2.2%"
"Sep-2015"	"2.3%"	"2.1%"
"Oct-2015"	"2.5%"	"2.4%"
"Nov-2015"	"2.4%"	"2.1%"
"Dec-2015"	"2.5%"	"2.5%"
"Jan-2016"	"2.5%"	"2.5%"
"Feb-2016"	"2.3%"	"2.4%"
"Mar-2016"	"2.4%"	"2.3%"
"Apr-2016"	"2.6%"	"2.6%"
"May-2016"	"2.4%"	"2.3%"
"Jun-2016"	"2.6%"	"2.5%"
"Jul-2016"	"2.7%"	"2.6%"
"Aug-2016"	"2.5%"	"2.3%"
"Sep-2016"	"2.6%"	"2.5%"
"Oct-2016"	"2.8%"	"2.5%"
"Nov-2016"	"2.6%"	"2.4%"
"Dec-2016"	"2.7%"	"2.5%"
"Jan-2017"	"2.5%"	"2.4%"
"Feb-2017"	"2.7%"	"2.4%"
"Mar-2017"	"2.6%"	"2.3%"
"Apr-2017"	"2.5%"	"2.2%"
"May-2017"	"2.5%"	"2.3%"
"Jun-2017"	"2.5%"	"2.3%"
"Jul-2017"	"2.6%"	"2.3%"
"Aug-2017"	"2.6%"	"2.3%"
"Sep-2017"	"2.8%"	"2.6%"
"Oct-2017"	"2.3%"	"2.2%"
"Nov-2017"	"2.5%"	"2.3%"
"Dec-2017"	"2.7%"	"2.5%"
"Jan-2018"	"2.8%"	"2.5%"
"Feb-2018"	"2.6%"	"2.6%"
"Mar-2018"	"2.8%"	"2.8%"
"Apr-2018"	"2.8%"	"2.8%"
"May-2018"	"2.9%"	"2.9%"
"Jun-2018"	"2.9%"	"2.9%"
"Jul-2018"	"2.8%"	"2.9%"
"Aug-2018"	"3.2%"	"3.1%"
"Sep-2018"	"3.1%"	"3.1%"
"Oct-2018"	"3.3%"	"3.2%"
"Nov-2018"	"3.4%"	"3.5%"
"Dec-2018"	"3.5%"	"3.6%"
"Jan-2019"	"3.3%"	"3.4%"
"Feb-2019"	"3.6%"	"3.5%"
"Mar-2019"	"3.4%"	"3.6%"
"Apr-2019"	"3.3%"	"3.5%"
"May-2019"	"3.3%"	"3.5%"
"Jun-2019"	"3.4%"	"3.6%"
"Jul-2019"	"3.4%"	"3.7%"
"Aug-2019"	"3.4%"	"3.6%"
"Sep-2019"	"3.1%"	"3.6%"
"Oct-2019"	"3.1%"	"3.8%"
"Nov-2019"	"3.3%"	"3.6%"
"Dec-2019"	"3.0%"	"3.2%"
"Jan-2020"	"3.0%"	"3.4%"
"Feb-2020"	"3.1%"	"3.6%"
"Mar-2020"	"3.5%"	"3.6%"
"Apr-2020"	"8.1%"	"7.8%"
"May-2020"	"6.6%"	"6.8%"
"Jun-2020"	"5.1%"	"5.5%"
"Jul-2020"	"4.9%"	"4.9%"
"Aug-2020"	"4.8%"	"5.0%"
"Sep-2020"	"4.8%"	"4.8%"
"Oct-2020"	"4.7%"	"4.6%"
"Nov-2020"	"4.6%"	"4.7%"
"Dec-2020"	"5.4%"	"5.6%"
"Jan-2021"	"5.2%"	"5.3%"
"Feb-2021"	"5.4%"	"5.1%"
"Mar-2021"	"4.5%"	"5.1%"
"Apr-2021"	"0.6%"	"1.5%"
"May-2021"	"2.3%"	"2.8%"
"Jun-2021"	"4.0%"	"4.2%"
"Jul-2021"	"4.3%"	"5.1%"
"Aug-2021"	"4.4%"	"5.3%"
"Sep-2021"	"4.9%"	"6.0%"
"Oct-2021"	"5.4%"	"6.5%"
"Nov-2021"	"5.4%"	"6.5%"
"Dec-2021"	"5.0%"	"6.3%"
"Jan-2022"	"5.7%"	"6.9%"
"Feb-2022"	"5.3%"	"6.8%"
"Mar-2022"	"5.9%"	"7.0%"
"Apr-2022"	"5.7%"	"6.9%"
"May-2022"	"5.6%"	"6.7%"
"Jun-2022"	"5.4%"	"6.7%"
"Jul-2022"	"5.5%"	"6.5%"
"Aug-2022"	"5.4%"	"6.2%"
"Sep-2022"	"5.1%"	"5.9%"
"Oct-2022"	"5.0%"	"5.8%"
"Nov-2022"	"5.1%"	"5.9%"
"Dec-2022"	"4.9%"	"5.5%"
"Jan-2023"	"4.5%"	"5.2%"
"Feb-2023"	"4.7%"	"5.4%"
"Mar-2023"	"4.6%"	"5.4%"
"Apr-2023"	"4.6%"	"5.2%"
"May-2023"	"4.4%"	"5.0%"
"Jun-2023"	"4.6%"	"4.9%"
"Jul-2023"	"4.6%"	"4.9%"
"Aug-2023"	"4.5%"	"4.8%"
"Sep-2023"	"4.4%"	"4.7%"
"Oct-2023"	"4.2%"	"4.5%"
"Nov-2023"	"4.1%"	"4.5%"
"Dec-2023"	"4.1%"	"4.4%"
"Jan-2024"	"4.3%"	"4.6%"
"Feb-2024"	"4.2%"	"4.4%"
"Mar-2024"	"4.2%"	"4.2%"
"Apr-2024"	"4.0%"	"4.0%"
"May-2024"	"4.1%"	"4.1%"
"Jun-2024"	"3.9%"	"4.1%"
"Jul-2024"	"3.6%"	"4.0%"
"Aug-2024"	"4.0%"	"4.2%"
"Sep-2024"	"3.9%"	"4.2%"
"Oct-2024"	"4.1%"	"4.2%"
"Nov-2024"	"4.2%"	"4.1%"
"Dec-2024"	"4.0%"	"4.0%"
"Jan-2025"	"3.9%"	"4.0%"
"Feb-2025"	"4.0%"	"4.2%"
"Mar-2025"	"3.8%"	"3.9%"

"Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics public data series.  "

Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics public data series.

Mind the wage gap: Cumulative nominal average hourly earnings, actual and hypothetical if they had grown at 3.5% since the recession began, 2007–2025

Nominal Wage Tracker

Mind the wage gap: Cumulative nominal average hourly earnings, actual and hypothetical if they had grown at 3.5% since the recession began, 2007–2025

Date	Average hourly earnings of all private employees	Hypothetical, assuming 3.5% growth*	Gap
Jan-2007	$20.59
Feb-2007	$20.68
Mar-2007	$20.73
Apr-2007	$20.77
May-2007	$20.84
Jun-2007	$20.95
Jul-2007	$20.94
Aug-2007	$21.00
Sep-2007	$21.04
Oct-2007	$21.07
Nov-2007	$21.12
Dec-2007	$21.16	$21.16	$0.00
Jan-2008	$21.19	$21.22	$0.03
Feb-2008	$21.27	$21.28	$0.01
Mar-2008	$21.35	$21.34	-$0.01
Apr-2008	$21.38	$21.40	$0.02
May-2008	$21.47	$21.47	$0.00
Jun-2008	$21.52	$21.53	$0.01
Jul-2008	$21.61	$21.59	-$0.02
Aug-2008	$21.70	$21.65	-$0.05
Sep-2008	$21.73	$21.71	-$0.02
Oct-2008	$21.76	$21.78	$0.02
Nov-2008	$21.86	$21.84	-$0.02
Dec-2008	$21.94	$21.90	-$0.04
Jan-2009	$21.96	$21.96	$0.00
Feb-2009	$21.98	$22.03	$0.05
Mar-2009	$22.05	$22.09	$0.04
Apr-2009	$22.10	$22.15	$0.05
May-2009	$22.12	$22.22	$0.10
Jun-2009	$22.14	$22.28	$0.14
Jul-2009	$22.18	$22.34	$0.16
Aug-2009	$22.23	$22.41	$0.18
Sep-2009	$22.27	$22.47	$0.20
Oct-2009	$22.31	$22.54	$0.23
Nov-2009	$22.33	$22.60	$0.27
Dec-2009	$22.37	$22.67	$0.30
Jan-2010	$22.41	$22.73	$0.32
Feb-2010	$22.46	$22.80	$0.34
Mar-2010	$22.46	$22.86	$0.40
Apr-2010	$22.49	$22.93	$0.44
May-2010	$22.51	$22.99	$0.48
Jun-2010	$22.53	$23.06	$0.53
Jul-2010	$22.59	$23.13	$0.54
Aug-2010	$22.62	$23.19	$0.57
Sep-2010	$22.67	$23.26	$0.59
Oct-2010	$22.74	$23.33	$0.59
Nov-2010	$22.73	$23.39	$0.66
Dec-2010	$22.76	$23.46	$0.70
Jan-2011	$22.87	$23.53	$0.66
Feb-2011	$22.87	$23.60	$0.73
Mar-2011	$22.87	$23.66	$0.79
Apr-2011	$22.91	$23.73	$0.82
May-2011	$22.97	$23.80	$0.83
Jun-2011	$23.01	$23.87	$0.86
Jul-2011	$23.11	$23.94	$0.83
Aug-2011	$23.07	$24.00	$0.93
Sep-2011	$23.11	$24.07	$0.96
Oct-2011	$23.18	$24.14	$0.96
Nov-2011	$23.19	$24.21	$1.02
Dec-2011	$23.22	$24.28	$1.06
Jan-2012	$23.26	$24.35	$1.09
Feb-2012	$23.28	$24.42	$1.14
Mar-2012	$23.36	$24.49	$1.13
Apr-2012	$23.38	$24.56	$1.18
May-2012	$23.41	$24.63	$1.22
Jun-2012	$23.46	$24.70	$1.24
Jul-2012	$23.49	$24.77	$1.28
Aug-2012	$23.49	$24.84	$1.35
Sep-2012	$23.57	$24.92	$1.35
Oct-2012	$23.56	$24.99	$1.43
Nov-2012	$23.63	$25.06	$1.43
Dec-2012	$23.72	$25.13	$1.41
Jan-2013	$23.75	$25.20	$1.45
Feb-2013	$23.77	$25.28	$1.51
Mar-2013	$23.80	$25.35	$1.55
Apr-2013	$23.87	$25.42	$1.55
May-2013	$23.89	$25.49	$1.60
Jun-2013	$23.96	$25.57	$1.61
Jul-2013	$23.98	$25.64	$1.66
Aug-2013	$24.02	$25.71	$1.69
Sep-2013	$24.06	$25.79	$1.73
Oct-2013	$24.09	$25.86	$1.77
Nov-2013	$24.16	$25.94	$1.78
Dec-2013	$24.18	$26.01	$1.83
Jan-2014	$24.23	$26.09	$1.86
Feb-2014	$24.33	$26.16	$1.83
Mar-2014	$24.31	$26.24	$1.93
Apr-2014	$24.34	$26.31	$1.97
May-2014	$24.40	$26.39	$1.99
Jun-2014	$24.46	$26.46	$2.00
Jul-2014	$24.48	$26.54	$2.06
Aug-2014	$24.54	$26.61	$2.07
Sep-2014	$24.55	$26.69	$2.14
Oct-2014	$24.58	$26.77	$2.19
Nov-2014	$24.66	$26.84	$2.18
Dec-2014	$24.63	$26.92	$2.29
Jan-2015	$24.75	$27.00	$2.25
Feb-2015	$24.80	$27.08	$2.28
Mar-2015	$24.85	$27.15	$2.30
Apr-2015	$24.89	$27.23	$2.34
May-2015	$24.97	$27.31	$2.34
Jun-2015	$24.97	$27.39	$2.42
Jul-2015	$25.01	$27.47	$2.46
Aug-2015	$25.09	$27.55	$2.46
Sep-2015	$25.11	$27.63	$2.52
Oct-2015	$25.20	$27.70	$2.50
Nov-2015	$25.25	$27.78	$2.53
Dec-2015	$25.25	$27.86	$2.61
Jan-2016	$25.37	$27.94	$2.57
Feb-2016	$25.38	$28.02	$2.64
Mar-2016	$25.45	$28.10	$2.65
Apr-2016	$25.53	$28.19	$2.66
May-2016	$25.58	$28.27	$2.69
Jun-2016	$25.62	$28.35	$2.73
Jul-2016	$25.69	$28.43	$2.74
Aug-2016	$25.71	$28.51	$2.80
Sep-2016	$25.77	$28.59	$2.82
Oct-2016	$25.90	$28.67	$2.77
Nov-2016	$25.90	$28.76	$2.86
Dec-2016	$25.93	$28.84	$2.91
Jan-2017	$26.00	$28.92	$2.92
Feb-2017	$26.07	$29.00	$2.93
Mar-2017	$26.11	$29.09	$2.98
Apr-2017	$26.17	$29.17	$3.00
May-2017	$26.21	$29.26	$3.05
Jun-2017	$26.26	$29.34	$3.08
Jul-2017	$26.35	$29.42	$3.07
Aug-2017	$26.37	$29.51	$3.14
Sep-2017	$26.49	$29.59	$3.10
Oct-2017	$26.50	$29.68	$3.18
Nov-2017	$26.54	$29.76	$3.22
Dec-2017	$26.63	$29.85	$3.22
Jan-2018	$26.72	$29.93	$3.21
Feb-2018	$26.74	$30.02	$3.28
Mar-2018	$26.85	$30.11	$3.26
Apr-2018	$26.91	$30.19	$3.28
May-2018	$26.98	$30.28	$3.30
Jun-2018	$27.03	$30.37	$3.34
Jul-2018	$27.10	$30.45	$3.35
Aug-2018	$27.21	$30.54	$3.33
Sep-2018	$27.32	$30.63	$3.31
Oct-2018	$27.37	$30.72	$3.35
Nov-2018	$27.44	$30.80	$3.36
Dec-2018	$27.56	$30.89	$3.33
Jan-2019	$27.59	$30.98	$3.39
Feb-2019	$27.69	$31.07	$3.38
Mar-2019	$27.77	$31.16	$3.39
Apr-2019	$27.79	$31.25	$3.46
May-2019	$27.88	$31.34	$3.46
Jun-2019	$27.96	$31.43	$3.47
Jul-2019	$28.03	$31.52	$3.49
Aug-2019	$28.14	$31.61	$3.47
Sep-2019	$28.16	$31.70	$3.54
Oct-2019	$28.23	$31.79	$3.56
Nov-2019	$28.34	$31.88	$3.54
Dec-2019	$28.38	$31.97	$3.59
Jan-2020	$28.43	$32.07	$3.64
Feb-2020	$28.54	$32.16	$3.62
Mar-2020	$28.74	$32.25	$3.51
Apr-2020	$30.04	$32.34	$2.30
May-2020	$29.72	$32.44	$2.72
Jun-2020	$29.38	$32.53	$3.15
Jul-2020	$29.39	$32.62	$3.23
Aug-2020	$29.50	$32.72	$3.22
Sep-2020	$29.51	$32.81	$3.30
Oct-2020	$29.55	$32.90	$3.35
Nov-2020	$29.64	$33.00	$3.36
Dec-2020	$29.91	$33.09	$3.18
Jan-2021	$29.92	$33.19	$3.27
Feb-2021	$30.07	$33.28	$3.21
Mar-2021	$30.04	$33.38	$3.34
Apr-2021	$30.23	$33.47	$3.24
May-2021	$30.41	$33.57	$3.16
Jun-2021	$30.55	$33.67	$3.12
Jul-2021	$30.66	$33.76	$3.10
Aug-2021	$30.79	$33.86	$3.07
Sep-2021	$30.96	$33.96	$3.00
Oct-2021	$31.15	$34.06	$2.91
Nov-2021	$31.25	$34.15	$2.90
Dec-2021	$31.41	$34.25	$2.84
Jan-2022	$31.62	$34.35	$2.73
Feb-2022	$31.66	$34.45	$2.79
Mar-2022	$31.82	$34.55	$2.73
Apr-2022	$31.96	$34.65	$2.69
May-2022	$32.10	$34.75	$2.65
Jun-2022	$32.20	$34.85	$2.65
Jul-2022	$32.35	$34.95	$2.60
Aug-2022	$32.44	$35.05	$2.61
Sep-2022	$32.55	$35.15	$2.60
Oct-2022	$32.70	$35.25	$2.55
Nov-2022	$32.84	$35.35	$2.51
Dec-2022	$32.96	$35.45	$2.49
Jan-2023	$33.05	$35.55	$2.50
Feb-2023	$33.16	$35.65	$2.49
Mar-2023	$33.28	$35.76	$2.48
Apr-2023	$33.42	$35.86	$2.44
May-2023	$33.52	$35.96	$2.44
Jun-2023	$33.69	$36.07	$2.38
Jul-2023	$33.84	$36.17	$2.33
Aug-2023	$33.89	$36.27	$2.38
Sep-2023	$33.99	$36.38	$2.39
Oct-2023	$34.07	$36.48	$2.41
Nov-2023	$34.19	$36.59	$2.40
Dec-2023	$34.31	$36.69	$2.38
Jan-2024	$34.47	$36.80	$2.33
Feb-2024	$34.54	$36.90	$2.36
Mar-2024	$34.67	$37.01	$2.34
Apr-2024	$34.75	$37.11	$2.36
May-2024	$34.89	$37.22	$2.33
Jun-2024	$35.00	$37.33	$2.33
Jul-2024	$35.07	$37.43	$2.36
Aug-2024	$35.23	$37.54	$2.31
Sep-2024	$35.33	$37.65	$2.32
Oct-2024	$35.48	$37.76	$2.28
Nov-2024	$35.61	$37.87	$2.26
Dec-2024	$35.68	$37.98	$2.30
Jan-2025	$35.83	$38.08	$2.25
Feb-2025	$35.91	$38.19	$2.28
Mar-2025	$36.00	$38.30	$2.30

$2.30

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"Mind the wage gap: Cumulative nominal average hourly earnings, actual and hypothetical if they had grown at 3.5% since the recession began, 2007–2025"
"From https://www.epi.org/nominal-wage-tracker/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosmarkets&stream=business"

"Date"	"Average hourly earnings of all private employees"	"Hypothetical, assuming 3.5% growth* "	"Gap "
"Jan-2007"	"$20.59"		
"Feb-2007"	"$20.68"		
"Mar-2007"	"$20.73"		
"Apr-2007"	"$20.77"		
"May-2007"	"$20.84"		
"Jun-2007"	"$20.95"		
"Jul-2007"	"$20.94"		
"Aug-2007"	"$21.00"		
"Sep-2007"	"$21.04"		
"Oct-2007"	"$21.07"		
"Nov-2007"	"$21.12"		
"Dec-2007"	"$21.16"	"$21.16"	"$0.00"
"Jan-2008"	"$21.19"	"$21.22"	"$0.03"
"Feb-2008"	"$21.27"	"$21.28"	"$0.01"
"Mar-2008"	"$21.35"	"$21.34"	"-$0.01"
"Apr-2008"	"$21.38"	"$21.40"	"$0.02"
"May-2008"	"$21.47"	"$21.47"	"$0.00"
"Jun-2008"	"$21.52"	"$21.53"	"$0.01"
"Jul-2008"	"$21.61"	"$21.59"	"-$0.02"
"Aug-2008"	"$21.70"	"$21.65"	"-$0.05"
"Sep-2008"	"$21.73"	"$21.71"	"-$0.02"
"Oct-2008"	"$21.76"	"$21.78"	"$0.02"
"Nov-2008"	"$21.86"	"$21.84"	"-$0.02"
"Dec-2008"	"$21.94"	"$21.90"	"-$0.04"
"Jan-2009"	"$21.96"	"$21.96"	"$0.00"
"Feb-2009"	"$21.98"	"$22.03"	"$0.05"
"Mar-2009"	"$22.05"	"$22.09"	"$0.04"
"Apr-2009"	"$22.10"	"$22.15"	"$0.05"
"May-2009"	"$22.12"	"$22.22"	"$0.10"
"Jun-2009"	"$22.14"	"$22.28"	"$0.14"
"Jul-2009"	"$22.18"	"$22.34"	"$0.16"
"Aug-2009"	"$22.23"	"$22.41"	"$0.18"
"Sep-2009"	"$22.27"	"$22.47"	"$0.20"
"Oct-2009"	"$22.31"	"$22.54"	"$0.23"
"Nov-2009"	"$22.33"	"$22.60"	"$0.27"
"Dec-2009"	"$22.37"	"$22.67"	"$0.30"
"Jan-2010"	"$22.41"	"$22.73"	"$0.32"
"Feb-2010"	"$22.46"	"$22.80"	"$0.34"
"Mar-2010"	"$22.46"	"$22.86"	"$0.40"
"Apr-2010"	"$22.49"	"$22.93"	"$0.44"
"May-2010"	"$22.51"	"$22.99"	"$0.48"
"Jun-2010"	"$22.53"	"$23.06"	"$0.53"
"Jul-2010"	"$22.59"	"$23.13"	"$0.54"
"Aug-2010"	"$22.62"	"$23.19"	"$0.57"
"Sep-2010"	"$22.67"	"$23.26"	"$0.59"
"Oct-2010"	"$22.74"	"$23.33"	"$0.59"
"Nov-2010"	"$22.73"	"$23.39"	"$0.66"
"Dec-2010"	"$22.76"	"$23.46"	"$0.70"
"Jan-2011"	"$22.87"	"$23.53"	"$0.66"
"Feb-2011"	"$22.87"	"$23.60"	"$0.73"
"Mar-2011"	"$22.87"	"$23.66"	"$0.79"
"Apr-2011"	"$22.91"	"$23.73"	"$0.82"
"May-2011"	"$22.97"	"$23.80"	"$0.83"
"Jun-2011"	"$23.01"	"$23.87"	"$0.86"
"Jul-2011"	"$23.11"	"$23.94"	"$0.83"
"Aug-2011"	"$23.07"	"$24.00"	"$0.93"
"Sep-2011"	"$23.11"	"$24.07"	"$0.96"
"Oct-2011"	"$23.18"	"$24.14"	"$0.96"
"Nov-2011"	"$23.19"	"$24.21"	"$1.02"
"Dec-2011"	"$23.22"	"$24.28"	"$1.06"
"Jan-2012"	"$23.26"	"$24.35"	"$1.09"
"Feb-2012"	"$23.28"	"$24.42"	"$1.14"
"Mar-2012"	"$23.36"	"$24.49"	"$1.13"
"Apr-2012"	"$23.38"	"$24.56"	"$1.18"
"May-2012"	"$23.41"	"$24.63"	"$1.22"
"Jun-2012"	"$23.46"	"$24.70"	"$1.24"
"Jul-2012"	"$23.49"	"$24.77"	"$1.28"
"Aug-2012"	"$23.49"	"$24.84"	"$1.35"
"Sep-2012"	"$23.57"	"$24.92"	"$1.35"
"Oct-2012"	"$23.56"	"$24.99"	"$1.43"
"Nov-2012"	"$23.63"	"$25.06"	"$1.43"
"Dec-2012"	"$23.72"	"$25.13"	"$1.41"
"Jan-2013"	"$23.75"	"$25.20"	"$1.45"
"Feb-2013"	"$23.77"	"$25.28"	"$1.51"
"Mar-2013"	"$23.80"	"$25.35"	"$1.55"
"Apr-2013"	"$23.87"	"$25.42"	"$1.55"
"May-2013"	"$23.89"	"$25.49"	"$1.60"
"Jun-2013"	"$23.96"	"$25.57"	"$1.61"
"Jul-2013"	"$23.98"	"$25.64"	"$1.66"
"Aug-2013"	"$24.02"	"$25.71"	"$1.69"
"Sep-2013"	"$24.06"	"$25.79"	"$1.73"
"Oct-2013"	"$24.09"	"$25.86"	"$1.77"
"Nov-2013"	"$24.16"	"$25.94"	"$1.78"
"Dec-2013"	"$24.18"	"$26.01"	"$1.83"
"Jan-2014"	"$24.23"	"$26.09"	"$1.86"
"Feb-2014"	"$24.33"	"$26.16"	"$1.83"
"Mar-2014"	"$24.31"	"$26.24"	"$1.93"
"Apr-2014"	"$24.34"	"$26.31"	"$1.97"
"May-2014"	"$24.40"	"$26.39"	"$1.99"
"Jun-2014"	"$24.46"	"$26.46"	"$2.00"
"Jul-2014"	"$24.48"	"$26.54"	"$2.06"
"Aug-2014"	"$24.54"	"$26.61"	"$2.07"
"Sep-2014"	"$24.55"	"$26.69"	"$2.14"
"Oct-2014"	"$24.58"	"$26.77"	"$2.19"
"Nov-2014"	"$24.66"	"$26.84"	"$2.18"
"Dec-2014"	"$24.63"	"$26.92"	"$2.29"
"Jan-2015"	"$24.75"	"$27.00"	"$2.25"
"Feb-2015"	"$24.80"	"$27.08"	"$2.28"
"Mar-2015"	"$24.85"	"$27.15"	"$2.30"
"Apr-2015"	"$24.89"	"$27.23"	"$2.34"
"May-2015"	"$24.97"	"$27.31"	"$2.34"
"Jun-2015"	"$24.97"	"$27.39"	"$2.42"
"Jul-2015"	"$25.01"	"$27.47"	"$2.46"
"Aug-2015"	"$25.09"	"$27.55"	"$2.46"
"Sep-2015"	"$25.11"	"$27.63"	"$2.52"
"Oct-2015"	"$25.20"	"$27.70"	"$2.50"
"Nov-2015"	"$25.25"	"$27.78"	"$2.53"
"Dec-2015"	"$25.25"	"$27.86"	"$2.61"
"Jan-2016"	"$25.37"	"$27.94"	"$2.57"
"Feb-2016"	"$25.38"	"$28.02"	"$2.64"
"Mar-2016"	"$25.45"	"$28.10"	"$2.65"
"Apr-2016"	"$25.53"	"$28.19"	"$2.66"
"May-2016"	"$25.58"	"$28.27"	"$2.69"
"Jun-2016"	"$25.62"	"$28.35"	"$2.73"
"Jul-2016"	"$25.69"	"$28.43"	"$2.74"
"Aug-2016"	"$25.71"	"$28.51"	"$2.80"
"Sep-2016"	"$25.77"	"$28.59"	"$2.82"
"Oct-2016"	"$25.90"	"$28.67"	"$2.77"
"Nov-2016"	"$25.90"	"$28.76"	"$2.86"
"Dec-2016"	"$25.93"	"$28.84"	"$2.91"
"Jan-2017"	"$26.00"	"$28.92"	"$2.92"
"Feb-2017"	"$26.07"	"$29.00"	"$2.93"
"Mar-2017"	"$26.11"	"$29.09"	"$2.98"
"Apr-2017"	"$26.17"	"$29.17"	"$3.00"
"May-2017"	"$26.21"	"$29.26"	"$3.05"
"Jun-2017"	"$26.26"	"$29.34"	"$3.08"
"Jul-2017"	"$26.35"	"$29.42"	"$3.07"
"Aug-2017"	"$26.37"	"$29.51"	"$3.14"
"Sep-2017"	"$26.49"	"$29.59"	"$3.10"
"Oct-2017"	"$26.50"	"$29.68"	"$3.18"
"Nov-2017"	"$26.54"	"$29.76"	"$3.22"
"Dec-2017"	"$26.63"	"$29.85"	"$3.22"
"Jan-2018"	"$26.72"	"$29.93"	"$3.21"
"Feb-2018"	"$26.74"	"$30.02"	"$3.28"
"Mar-2018"	"$26.85"	"$30.11"	"$3.26"
"Apr-2018"	"$26.91"	"$30.19"	"$3.28"
"May-2018"	"$26.98"	"$30.28"	"$3.30"
"Jun-2018"	"$27.03"	"$30.37"	"$3.34"
"Jul-2018"	"$27.10"	"$30.45"	"$3.35"
"Aug-2018"	"$27.21"	"$30.54"	"$3.33"
"Sep-2018"	"$27.32"	"$30.63"	"$3.31"
"Oct-2018"	"$27.37"	"$30.72"	"$3.35"
"Nov-2018"	"$27.44"	"$30.80"	"$3.36"
"Dec-2018"	"$27.56"	"$30.89"	"$3.33"
"Jan-2019"	"$27.59"	"$30.98"	"$3.39"
"Feb-2019"	"$27.69"	"$31.07"	"$3.38"
"Mar-2019"	"$27.77"	"$31.16"	"$3.39"
"Apr-2019"	"$27.79"	"$31.25"	"$3.46"
"May-2019"	"$27.88"	"$31.34"	"$3.46"
"Jun-2019"	"$27.96"	"$31.43"	"$3.47"
"Jul-2019"	"$28.03"	"$31.52"	"$3.49"
"Aug-2019"	"$28.14"	"$31.61"	"$3.47"
"Sep-2019"	"$28.16"	"$31.70"	"$3.54"
"Oct-2019"	"$28.23"	"$31.79"	"$3.56"
"Nov-2019"	"$28.34"	"$31.88"	"$3.54"
"Dec-2019"	"$28.38"	"$31.97"	"$3.59"
"Jan-2020"	"$28.43"	"$32.07"	"$3.64"
"Feb-2020"	"$28.54"	"$32.16"	"$3.62"
"Mar-2020"	"$28.74"	"$32.25"	"$3.51"
"Apr-2020"	"$30.04"	"$32.34"	"$2.30"
"May-2020"	"$29.72"	"$32.44"	"$2.72"
"Jun-2020"	"$29.38"	"$32.53"	"$3.15"
"Jul-2020"	"$29.39"	"$32.62"	"$3.23"
"Aug-2020"	"$29.50"	"$32.72"	"$3.22"
"Sep-2020"	"$29.51"	"$32.81"	"$3.30"
"Oct-2020"	"$29.55"	"$32.90"	"$3.35"
"Nov-2020"	"$29.64"	"$33.00"	"$3.36"
"Dec-2020"	"$29.91"	"$33.09"	"$3.18"
"Jan-2021"	"$29.92"	"$33.19"	"$3.27"
"Feb-2021"	"$30.07"	"$33.28"	"$3.21"
"Mar-2021"	"$30.04"	"$33.38"	"$3.34"
"Apr-2021"	"$30.23"	"$33.47"	"$3.24"
"May-2021"	"$30.41"	"$33.57"	"$3.16"
"Jun-2021"	"$30.55"	"$33.67"	"$3.12"
"Jul-2021"	"$30.66"	"$33.76"	"$3.10"
"Aug-2021"	"$30.79"	"$33.86"	"$3.07"
"Sep-2021"	"$30.96"	"$33.96"	"$3.00"
"Oct-2021"	"$31.15"	"$34.06"	"$2.91"
"Nov-2021"	"$31.25"	"$34.15"	"$2.90"
"Dec-2021"	"$31.41"	"$34.25"	"$2.84"
"Jan-2022"	"$31.62"	"$34.35"	"$2.73"
"Feb-2022"	"$31.66"	"$34.45"	"$2.79"
"Mar-2022"	"$31.82"	"$34.55"	"$2.73"
"Apr-2022"	"$31.96"	"$34.65"	"$2.69"
"May-2022"	"$32.10"	"$34.75"	"$2.65"
"Jun-2022"	"$32.20"	"$34.85"	"$2.65"
"Jul-2022"	"$32.35"	"$34.95"	"$2.60"
"Aug-2022"	"$32.44"	"$35.05"	"$2.61"
"Sep-2022"	"$32.55"	"$35.15"	"$2.60"
"Oct-2022"	"$32.70"	"$35.25"	"$2.55"
"Nov-2022"	"$32.84"	"$35.35"	"$2.51"
"Dec-2022"	"$32.96"	"$35.45"	"$2.49"
"Jan-2023"	"$33.05"	"$35.55"	"$2.50"
"Feb-2023"	"$33.16"	"$35.65"	"$2.49"
"Mar-2023"	"$33.28"	"$35.76"	"$2.48"
"Apr-2023"	"$33.42"	"$35.86"	"$2.44"
"May-2023"	"$33.52"	"$35.96"	"$2.44"
"Jun-2023"	"$33.69"	"$36.07"	"$2.38"
"Jul-2023"	"$33.84"	"$36.17"	"$2.33"
"Aug-2023"	"$33.89"	"$36.27"	"$2.38"
"Sep-2023"	"$33.99"	"$36.38"	"$2.39"
"Oct-2023"	"$34.07"	"$36.48"	"$2.41"
"Nov-2023"	"$34.19"	"$36.59"	"$2.40"
"Dec-2023"	"$34.31"	"$36.69"	"$2.38"
"Jan-2024"	"$34.47"	"$36.80"	"$2.33"
"Feb-2024"	"$34.54"	"$36.90"	"$2.36"
"Mar-2024"	"$34.67"	"$37.01"	"$2.34"
"Apr-2024"	"$34.75"	"$37.11"	"$2.36"
"May-2024"	"$34.89"	"$37.22"	"$2.33"
"Jun-2024"	"$35.00"	"$37.33"	"$2.33"
"Jul-2024"	"$35.07"	"$37.43"	"$2.36"
"Aug-2024"	"$35.23"	"$37.54"	"$2.31"
"Sep-2024"	"$35.33"	"$37.65"	"$2.32"
"Oct-2024"	"$35.48"	"$37.76"	"$2.28"
"Nov-2024"	"$35.61"	"$37.87"	"$2.26"
"Dec-2024"	"$35.68"	"$37.98"	"$2.30"
"Jan-2025"	"$35.83"	"$38.08"	"$2.25"
"Feb-2025"	"$35.91"	"$38.19"	"$2.28"
"Mar-2025"	"$36.00 "	"$38.30 "	"$2.30"

"* Nominal wage growth consistent with the Federal Reserve Board’s 2 percent inflation target, 1.5 percent productivity growth, and a stable labor share of income "
"Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics public data series "

* Nominal wage growth consistent with the Federal Reserve Board’s 2 percent inflation target, 1.5 percent productivity growth, and a stable labor share of income

Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics public data series

Workers’ share of corporate income hasn’t recovered: Share of corporate-sector income received by workers over recent business cycles, 1979–2024

Nominal Wage Tracker

Workers' share of corporate income hasn't recovered: Share of corporate-sector income received by workers over recent business cycles, 1979–2024

date	Labor share
Jan-1979	79.1%
Apr-1979	79.5%
Jul-1979	80.3%
Oct-1979	80.8%
Jan-1980	81.3%
Apr-1980	82.8%
Jul-1980	82.0%
Oct-1980	80.6%
Jan-1981	80.4%
Apr-1981	80.4%
Jul-1981	79.6%
Oct-1981	80.5%
Jan-1982	81.5%
Apr-1982	80.9%
Jul-1982	81.0%
Oct-1982	81.6%
Jan-1983	81.0%
Apr-1983	79.9%
Jul-1983	79.5%
Oct-1983	79.1%
Jan-1984	77.8%
Apr-1984	78.0%
Jul-1984	78.5%
Oct-1984	78.4%
Jan-1985	78.5%
Apr-1985	78.7%
Jul-1985	78.4%
Oct-1985	79.8%
Jan-1986	80.1%
Apr-1986	81.0%
Jul-1986	81.7%
Oct-1986	82.0%
Jan-1987	82.0%
Apr-1987	81.2%
Jul-1987	80.7%
Oct-1987	81.2%
Jan-1988	81.2%
Apr-1988	81.2%
Jul-1988	81.1%
Oct-1988	80.4%
Jan-1989	80.9%
Apr-1989	81.1%
Jul-1989	81.2%
Oct-1989	82.2%
Jan-1990	82.1%
Apr-1990	81.9%
Jul-1990	82.9%
Oct-1990	83.4%
Jan-1991	82.4%
Apr-1991	82.7%
Jul-1991	83.1%
Oct-1991	83.6%
Jan-1992	83.2%
Apr-1992	83.3%
Jul-1992	83.7%
Oct-1992	83.2%
Jan-1993	83.6%
Apr-1993	82.9%
Jul-1993	82.8%
Oct-1993	81.6%
Jan-1994	81.6%
Apr-1994	81.4%
Jul-1994	80.8%
Oct-1994	80.5%
Jan-1995	80.8%
Apr-1995	80.5%
Jul-1995	79.7%
Oct-1995	79.8%
Jan-1996	79.3%
Apr-1996	79.2%
Jul-1996	79.4%
Oct-1996	79.5%
Jan-1997	79.1%
Apr-1997	79.0%
Jul-1997	78.4%
Oct-1997	78.7%
Jan-1998	79.8%
Apr-1998	80.1%
Jul-1998	80.0%
Oct-1998	80.6%
Jan-1999	80.4%
Apr-1999	80.7%
Jul-1999	81.1%
Oct-1999	81.5%
Jan-2000	81.8%
Apr-2000	82.0%
Jul-2000	82.5%
Oct-2000	83.2%
Jan-2001	83.2%
Apr-2001	82.9%
Jul-2001	83.1%
Oct-2001	84.1%
Jan-2002	82.3%
Apr-2002	82.0%
Jul-2002	81.8%
Oct-2002	80.8%
Jan-2003	80.3%
Apr-2003	80.2%
Jul-2003	79.8%
Oct-2003	79.9%
Jan-2004	78.7%
Apr-2004	78.6%
Jul-2004	78.5%
Oct-2004	78.4%
Jan-2005	77.1%
Apr-2005	76.8%
Jul-2005	76.9%
Oct-2005	75.7%
Jan-2006	75.3%
Apr-2006	75.2%
Jul-2006	74.6%
Oct-2006	75.9%
Jan-2007	77.2%
Apr-2007	76.7%
Jul-2007	78.0%
Oct-2007	79.0%
Jan-2008	79.5%
Apr-2008	79.5%
Jul-2008	79.8%
Oct-2008	83.6%
Jan-2009	79.8%
Apr-2009	79.4%
Jul-2009	78.4%
Oct-2009	77.4%
Jan-2010	76.3%
Apr-2010	76.8%
Jul-2010	74.8%
Oct-2010	74.9%
Jan-2011	77.1%
Apr-2011	75.9%
Jul-2011	76.0%
Oct-2011	74.2%
Jan-2012	73.9%
Apr-2012	74.1%
Jul-2012	74.4%
Oct-2012	75.1%
Jan-2013	74.7%
Apr-2013	75.0%
Jul-2013	75.1%
Oct-2013	74.8%
Jan-2014	76.0%
Apr-2014	74.1%
Jul-2014	73.3%
Oct-2014	73.7%
Jan-2015	74.2%
Apr-2015	74.3%
Jul-2015	74.9%
Oct-2015	75.3%
Jan-2016	74.9%
Apr-2016	75.4%
Jul-2016	75.4%
Oct-2016	75.6%
Jan-2017	75.9%
Apr-2017	75.9%
Jul-2017	76.3%
Oct-2017	76.1%
Jan-2018	75.8%
Apr-2018	75.3%
Jul-2018	75.2%
Oct-2018	75.4%
Jan-2019	76.0%
Apr-2019	76.0%
Jul-2019	75.5%
Oct-2019	75.5%
Jan-2020	77.7%
Apr-2020	77.1%
Jul-2020	72.9%
Oct-2020	75.5%
Jan-2021	73.3%
Apr-2021	71.8%
Jul-2021	72.5%
Oct-2021	72.9%
Jan-2022	73.2%
Apr-2022	72.1%
Jul-2022	71.8%
Oct-2022	71.5%
Jan-2023	71.9%
Apr-2023	72.1%
Jul-2023	71.6%
Oct-2023	71.0%
Jan-2024	71.7%
Apr-2024	71.4%
Jul-2024	71.1%
Oct-2024	71.0%

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The data below can be saved or copied directly into Excel.

"Workers' share of corporate income hasn't recovered: Share of corporate-sector income received by workers over recent business cycles, 1979–2024"
"From https://www.epi.org/nominal-wage-tracker/?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosmarkets&stream=business"

"date"	"Labor share"
"Jan-1979"	"79.1%"
"Apr-1979"	"79.5%"
"Jul-1979"	"80.3%"
"Oct-1979"	"80.8%"
"Jan-1980"	"81.3%"
"Apr-1980"	"82.8%"
"Jul-1980"	"82.0%"
"Oct-1980"	"80.6%"
"Jan-1981"	"80.4%"
"Apr-1981"	"80.4%"
"Jul-1981"	"79.6%"
"Oct-1981"	"80.5%"
"Jan-1982"	"81.5%"
"Apr-1982"	"80.9%"
"Jul-1982"	"81.0%"
"Oct-1982"	"81.6%"
"Jan-1983"	"81.0%"
"Apr-1983"	"79.9%"
"Jul-1983"	"79.5%"
"Oct-1983"	"79.1%"
"Jan-1984"	"77.8%"
"Apr-1984"	"78.0%"
"Jul-1984"	"78.5%"
"Oct-1984"	"78.4%"
"Jan-1985"	"78.5%"
"Apr-1985"	"78.7%"
"Jul-1985"	"78.4%"
"Oct-1985"	"79.8%"
"Jan-1986"	"80.1%"
"Apr-1986"	"81.0%"
"Jul-1986"	"81.7%"
"Oct-1986"	"82.0%"
"Jan-1987"	"82.0%"
"Apr-1987"	"81.2%"
"Jul-1987"	"80.7%"
"Oct-1987"	"81.2%"
"Jan-1988"	"81.2%"
"Apr-1988"	"81.2%"
"Jul-1988"	"81.1%"
"Oct-1988"	"80.4%"
"Jan-1989"	"80.9%"
"Apr-1989"	"81.1%"
"Jul-1989"	"81.2%"
"Oct-1989"	"82.2%"
"Jan-1990"	"82.1%"
"Apr-1990"	"81.9%"
"Jul-1990"	"82.9%"
"Oct-1990"	"83.4%"
"Jan-1991"	"82.4%"
"Apr-1991"	"82.7%"
"Jul-1991"	"83.1%"
"Oct-1991"	"83.6%"
"Jan-1992"	"83.2%"
"Apr-1992"	"83.3%"
"Jul-1992"	"83.7%"
"Oct-1992"	"83.2%"
"Jan-1993"	"83.6%"
"Apr-1993"	"82.9%"
"Jul-1993"	"82.8%"
"Oct-1993"	"81.6%"
"Jan-1994"	"81.6%"
"Apr-1994"	"81.4%"
"Jul-1994"	"80.8%"
"Oct-1994"	"80.5%"
"Jan-1995"	"80.8%"
"Apr-1995"	"80.5%"
"Jul-1995"	"79.7%"
"Oct-1995"	"79.8%"
"Jan-1996"	"79.3%"
"Apr-1996"	"79.2%"
"Jul-1996"	"79.4%"
"Oct-1996"	"79.5%"
"Jan-1997"	"79.1%"
"Apr-1997"	"79.0%"
"Jul-1997"	"78.4%"
"Oct-1997"	"78.7%"
"Jan-1998"	"79.8%"
"Apr-1998"	"80.1%"
"Jul-1998"	"80.0%"
"Oct-1998"	"80.6%"
"Jan-1999"	"80.4%"
"Apr-1999"	"80.7%"
"Jul-1999"	"81.1%"
"Oct-1999"	"81.5%"
"Jan-2000"	"81.8%"
"Apr-2000"	"82.0%"
"Jul-2000"	"82.5%"
"Oct-2000"	"83.2%"
"Jan-2001"	"83.2%"
"Apr-2001"	"82.9%"
"Jul-2001"	"83.1%"
"Oct-2001"	"84.1%"
"Jan-2002"	"82.3%"
"Apr-2002"	"82.0%"
"Jul-2002"	"81.8%"
"Oct-2002"	"80.8%"
"Jan-2003"	"80.3%"
"Apr-2003"	"80.2%"
"Jul-2003"	"79.8%"
"Oct-2003"	"79.9%"
"Jan-2004"	"78.7%"
"Apr-2004"	"78.6%"
"Jul-2004"	"78.5%"
"Oct-2004"	"78.4%"
"Jan-2005"	"77.1%"
"Apr-2005"	"76.8%"
"Jul-2005"	"76.9%"
"Oct-2005"	"75.7%"
"Jan-2006"	"75.3%"
"Apr-2006"	"75.2%"
"Jul-2006"	"74.6%"
"Oct-2006"	"75.9%"
"Jan-2007"	"77.2%"
"Apr-2007"	"76.7%"
"Jul-2007"	"78.0%"
"Oct-2007"	"79.0%"
"Jan-2008"	"79.5%"
"Apr-2008"	"79.5%"
"Jul-2008"	"79.8%"
"Oct-2008"	"83.6%"
"Jan-2009"	"79.8%"
"Apr-2009"	"79.4%"
"Jul-2009"	"78.4%"
"Oct-2009"	"77.4%"
"Jan-2010"	"76.3%"
"Apr-2010"	"76.8%"
"Jul-2010"	"74.8%"
"Oct-2010"	"74.9%"
"Jan-2011"	"77.1%"
"Apr-2011"	"75.9%"
"Jul-2011"	"76.0%"
"Oct-2011"	"74.2%"
"Jan-2012"	"73.9%"
"Apr-2012"	"74.1%"
"Jul-2012"	"74.4%"
"Oct-2012"	"75.1%"
"Jan-2013"	"74.7%"
"Apr-2013"	"75.0%"
"Jul-2013"	"75.1%"
"Oct-2013"	"74.8%"
"Jan-2014"	"76.0%"
"Apr-2014"	"74.1%"
"Jul-2014"	"73.3%"
"Oct-2014"	"73.7%"
"Jan-2015"	"74.2%"
"Apr-2015"	"74.3%"
"Jul-2015"	"74.9%"
"Oct-2015"	"75.3%"
"Jan-2016"	"74.9%"
"Apr-2016"	"75.4%"
"Jul-2016"	"75.4%"
"Oct-2016"	"75.6%"
"Jan-2017"	"75.9%"
"Apr-2017"	"75.9%"
"Jul-2017"	"76.3%"
"Oct-2017"	"76.1%"
"Jan-2018"	"75.8%"
"Apr-2018"	"75.3%"
"Jul-2018"	"75.2%"
"Oct-2018"	"75.4%"
"Jan-2019"	"76.0%"
"Apr-2019"	"76.0%"
"Jul-2019"	"75.5%"
"Oct-2019"	"75.5%"
"Jan-2020"	"77.7%"
"Apr-2020"	"77.1%"
"Jul-2020"	"72.9%"
"Oct-2020"	"75.5%"
"Jan-2021"	"73.3%"
"Apr-2021"	"71.8%"
"Jul-2021"	"72.5%"
"Oct-2021"	"72.9%"
"Jan-2022"	"73.2%"
"Apr-2022"	"72.1%"
"Jul-2022"	"71.8%"
"Oct-2022"	"71.5%"
"Jan-2023"	"71.9%"
"Apr-2023"	"72.1%"
"Jul-2023"	"71.6%"
"Oct-2023"	"71.0%"
"Jan-2024"	"71.7%"
"Apr-2024"	"71.4%"
"Jul-2024"	"71.1%"
"Oct-2024"	"71.0%"

"Notes: Shaded areas denote recessions. Federal Reserve banks’ corporate profits were netted out in the calculation of labor share. "
"Source: EPI analysis of Bureau of Economic Analysis National Income and Product Accounts (Tables 1.14 and 6.16D) "

Notes: Shaded areas denote recessions. Federal Reserve banks’ corporate profits were netted out in the calculation of labor share.

Source: EPI analysis of Bureau of Economic Analysis National Income and Product Accounts (Tables 1.14 and 6.16D)