Average hourly earnings (year on year)

Now 3.02 % (Sep 1, 2026), before 3.11 %, a year ago 3.85 %.

How to read it

Services inflation follows wages. About 3.5 % a year is consistent with 2 % inflation at normal productivity.

Source: FRED · monthly, with payrolls

Connected to

• Core CPI (year on year)
• Non-farm payrolls