URGENT: US real earnings show modest increase in July 

US real average hourly earnings for all employees increased by 0.1 per cent from June to July 2024, according to latest data released by the US Bureau of Labor Statistics on Wednesday. This growth resulted from a 0.2 per cent rise in average hourly earnings and a 0.2 per cent increase in the Consumer Price Index for All Urban Consumers (CPI-U).

Despite this, real average weekly earnings fell by 0.2 per cent due to a decrease in the average workweek.

Year on year (YoY), real average hourly earnings for all employees rose by 0.7 per cent from July 2023 to July 2024. Combined with a 0.3 per cent decline in the average workweek, this resulted in a 0.4 per cent increase in real average weekly earnings over the past year.

For production and nonsupervisory employees, real average hourly earnings also saw a 0.1 per cent increase from June to July 2024. This was driven by a 0.3 per cent rise in average hourly earnings and a 0.2 per cent increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Real average weekly earnings for this group decreased by 0.2 per cent due to the same factors affecting the broader workforce.

Annually, real average hourly earnings for production and nonsupervisory employees increased by 0.8 per cent from July 2023 to July 2024. The decline in the average workweek led to a 0.6 per cent rise in real average weekly earnings over this period.

Attribution: US Bureau of Labour Statistics REAL EARNINGS – JULY 2024

Subediting: Y.Yasser