Average Hourly Earnings of All Employees, Total Private
CES0500000003Latest Value
Date: 2026-05-01
Data Count
243recordsData from FRED source
Basic Info
Country: US
Frequency: monthly
Source: FRED
Next Release
07/14 12:30 JSTPeriod: Jun
Trend Chart (Line)
Historical Trend Data
| Date | Value ($/hr) | MoM (Change) | YoY (Change) | 3-Month MA |
|---|---|---|---|---|
| 2026-05-01 | 37.53 | +0.32% | +3.45% | 37.43 |
| 2026-04-01 | 37.41 | +0.16% | +3.57% | 37.34 |
| 2026-03-01 | 37.35 | +0.21% | +3.43% | 37.26 |
| 2026-02-01 | 37.27 | +0.32% | +3.70% | 37.15 |
| 2026-01-01 | 37.15 | +0.35% | +3.66% | 37.06 |
| 2025-12-01 | 37.02 | +0.05% | +3.73% | 36.96 |
| 2025-11-01 | 37 | +0.41% | +3.93% | 36.85 |
| 2025-10-01 | 36.85 | +0.41% | +3.92% | 36.72 |
| 2025-09-01 | 36.7 | +0.22% | +3.85% | 36.6 |
| 2025-08-01 | 36.62 | +0.41% | +3.98% | 36.48 |
| 2025-07-01 | 36.47 | +0.30% | +3.96% | 36.37 |
| 2025-06-01 | 36.36 | +0.22% | +3.86% | 36.25 |
| 2025-05-01 | 36.28 | +0.44% | +3.98% | 36.17 |
| 2025-04-01 | 36.12 | +0.03% | +3.91% | 36.06 |
| 2025-03-01 | 36.11 | +0.47% | +4.21% | 35.96 |
| 2025-02-01 | 35.94 | +0.28% | +4.11% | 35.82 |
| 2025-01-01 | 35.84 | +0.42% | +3.97% | 35.71 |
| 2024-12-01 | 35.69 | +0.25% | +4.08% | 35.58 |
| 2024-11-01 | 35.6 | +0.39% | +4.18% | 35.47 |
| 2024-10-01 | 35.46 | +0.34% | +4.05% | 35.34 |
| 2024-09-01 | 35.34 | +0.34% | +3.91% | 35.21 |
| 2024-08-01 | 35.22 | +0.40% | +3.92% | 35.1 |
| 2024-07-01 | 35.08 | +0.20% | +3.63% | 34.99 |
| 2024-06-01 | 35.01 | +0.34% | +3.92% | 34.89 |
| 2024-05-01 | 34.89 | +0.37% | +4.15% | 34.77 |
| 2024-04-01 | 34.76 | +0.32% | +3.98% | 34.64 |
| 2024-03-01 | 34.65 | +0.38% | +4.15% | 34.55 |
| 2024-02-01 | 34.52 | +0.15% | +4.13% | 34.43 |
| 2024-01-01 | 34.47 | +0.52% | +4.39% | 34.31 |
| 2023-12-01 | 34.29 | +0.35% | +4.10% | 34.18 |
| 2023-11-01 | 34.17 | +0.26% | +4.11% | 34.09 |
| 2023-10-01 | 34.08 | +0.21% | +4.22% | 33.99 |
| 2023-09-01 | 34.01 | +0.35% | +4.42% | 33.92 |
| 2023-08-01 | 33.89 | +0.12% | +4.47% | 33.81 |
| 2023-07-01 | 33.85 | +0.47% | +4.67% | 33.68 |
| 2023-06-01 | 33.69 | +0.57% | +4.66% | 33.54 |
| 2023-05-01 | 33.5 | +0.21% | +4.36% | 33.4 |
| 2023-04-01 | 33.43 | +0.48% | +4.60% | 33.28 |
| 2023-03-01 | 33.27 | +0.36% | +4.62% | 33.15 |
| 2023-02-01 | 33.15 | +0.39% | +4.77% | 33.04 |
| 2023-01-01 | 33.02 | +0.24% | +4.49% | 32.93 |
| 2022-12-01 | 32.94 | +0.37% | +4.94% | 32.82 |
| 2022-11-01 | 32.82 | +0.37% | +5.09% | 32.7 |
| 2022-10-01 | 32.7 | +0.40% | +5.01% | 32.57 |
| 2022-09-01 | 32.57 | +0.40% | +5.13% | 32.45 |
| 2022-08-01 | 32.44 | +0.31% | +5.39% | 32.32 |
| 2022-07-01 | 32.34 | +0.47% | +5.48% | 32.21 |
| 2022-06-01 | 32.19 | +0.28% | +5.40% | 32.08 |
| 2022-05-01 | 32.1 | +0.44% | +5.56% | 31.95 |
| 2022-04-01 | 31.96 | +0.50% | +5.76% | 31.8 |
| 2022-03-01 | 31.8 | +0.51% | +5.89% | 31.68 |
| 2022-02-01 | 31.64 | +0.13% | +5.29% | 31.54 |
| 2022-01-01 | 31.6 | +0.67% | +5.58% | 31.41 |
| 2021-12-01 | 31.39 | +0.51% | +4.95% | 31.25 |
| 2021-11-01 | 31.23 | +0.29% | +5.36% | 31.12 |
| 2021-10-01 | 31.14 | +0.52% | +5.42% | 30.97 |
| 2021-09-01 | 30.98 | +0.65% | +4.98% | 30.81 |
| 2021-08-01 | 30.78 | +0.39% | +4.37% | 30.66 |
| 2021-07-01 | 30.66 | +0.39% | +4.32% | 30.54 |
| 2021-06-01 | 30.54 | +0.43% | +3.95% | 30.39 |
About Indicator
Explanation
What is Average Hourly Earnings (CES0500000003)?
Average Hourly Earnings tracks the hourly wage paid to employees in the US private non-farm sector. It serves as an early indicator of wage-push inflation.
Viewpoints on this Indicator
Pay close attention to month-over-month (MoM) and year-over-year (YoY) growth percentages. High wage growth supports consumer spending but increases business costs, keeping the Consumer Price Index (CPI) high and preventing the Fed from cutting rates.
Importance
HighView Details
Deep Dive
Wage trends are vital for forecasting inflation and interest rates. When businesses pay higher wages, they often raise prices to preserve profit margins, creating a wage-price spiral.
To steer inflation back to 2%, the Fed believes wage growth must cool toward its historical average (around 3.0% to 3.5% YoY). Growth staying at 4% or 5% signals sticky inflation, keeping rates higher for longer and strengthening the dollar.
Note that wage averages can suffer from composition bias. If low-wage workers are laid off in large numbers, the average wage of the remaining force rises artificially. Cross-referencing with Non-Farm Payrolls is needed.
Key Checkpoints in Data
Key Checkpoints
- Whether the MoM and YoY growth beat consensus estimates.
- If the overall wage trend is accelerating or deceleration.
- How the wage growth compares with CPI inflation to check real purchasing power.
- Whether wage growth is concentrated in service or manufacturing sectors.
- If the numbers align with Payrolls and Unemployment.
Connection with Associated Indicators
Why Look at Associated Indicators Together
| Associated Indicator | Why to Look Together |
|---|---|
| Consumer Price Index (CPI) | To check if wage increases are offset by rising cost of living (real wages). |
| Non-Farm Payrolls | To confirm if rising labor demand is putting upward pressure on wages. |
One-Line Summary for Beginners
Average Hourly Earnings measures wage growth in the US. While higher pay is good for workers, too much growth can drive up the cost of living and lead to higher interest rates, which can impact stock prices.
Last Fetched: 6/5/2026, 6:34:30 PM
Flow of Analysis: US Employment Situation
🔍1. Before (Leading)
Check these leading indicators a few days before to gauge expectations.
📊2. During (Core Values)
Check the headline and core figures at the moment of release.
⚡3. After (Market Reactions)
Track reactions in yields, currencies, and major stock indexes.