This morning, the Bureau of Labor Statistics (BLS) released November 2011 figures for Real Earnings. The Real Earnings indicator reflects three components of consumer buying power: average hourly earnings, average weekly hours, and price inflation/deflation.
From October to November, real average hourly earnings fell 0.1 percent, due to a 0.1 percent decrease in average hourly earnings and an unchanged Consumer Price Index (cost of goods, or inflation). The following chart illustrates the monthly percent change in real average hourly earnings; November’s slight decrease follows an upwardly revised increase in real average hourly earnings of 0.4 percent in October. (Figures below reflect the earnings of all employees on private, non-farm payrolls).
Source: U.S. Bureau of Labor Statistics
Components of Real Earnings (Seasonally Adjusted)
1Avg Weekly Earnings * (1+ % change in CPI-U)
Source: U.S. Bureau of Labor Statistics
Change in Components of Real Earnings (Seasonally Adjusted)
Source: U.S. Bureau of Labor Statistics
The full press release can be found on the BLS website.
