US real earnings flat in Oct-Nov ’24

US real average hourly earnings for all employees were unchanged from October to November 2024, according to the US Bureau of Labor Statistics. The 0.4 per cent increase in hourly earnings was offset by a 0.3 per cent rise in the Consumer Price Index (CPI-U). Real average weekly earnings rose by 0.3 per cent, driven by a 0.3 per cent increase in the average workweek.

On an annual basis, real average hourly earnings increased by 1.3 per cent from November 2023 to November 2024. Despite a 0.3 per cent decrease in the average workweek, real weekly earnings grew by 1.0 per cent.

For production and nonsupervisory employees, real average hourly earnings rose by 0.1 per cent from October to November, driven by a 0.3 per cent increase in hourly earnings. Real weekly earnings remained unchanged, as the workweek length stayed constant.

From November 2023 to November 2024, real average hourly earnings for this group also grew by 1.3 per cent, with real weekly earnings increasing by the same amount, as the workweek showed no change.

Attribution: REAL EARNINGS – NOVEMBER 2024

Subediting: M. S. Salama