US real wages fell 0.3% YoY in September, marking the fifth consecutive decline as inflation remains elevated above 3% for six months.
Macro & Markets ·
US real wages fell 0.3% year-over-year in September, marking the fifth consecutive monthly decline as workers' earnings failed to keep pace with inflation. The deterioration accelerated from February's 1.3% year-over-year gain, with June recording the steepest drop at 0.8% since May 2023. Nominal wage growth slowed to 3.0% year-over-year in September, the weakest pace since May 2021, having declined from 4.2% year-over-year in March. Consumer price inflation has remained above 3.0% for six consecutive months, the longest streak since mid-2024.