Figure A
Quarterly wage growth shows no sign of accelerating in the first half of 2022: Annualized quarterly wage changes, alternative measures, 2018–2022
| quarterly changes | AHE, total private | AHE, prod/nonsuper | ECI (private wages and salaries) | ECI (private, excluding incentive paid) | NIPA Wages and salaries/private-sector aggregate hours |
|---|---|---|---|---|---|
| 2018Q2 | 2.8% | 2.8% | 2.8% | 2.8% | 1.8% |
| 2018Q3 | 3.7% | 3.3% | 3.7% | 2.7% | 4.7% |
| 2018Q4 | 3.6% | 3.9% | 2.7% | 2.1% | 1.3% |
| 2019Q1 | 3.7% | 4.0% | 2.7% | 3.6% | 9.6% |
| 2019Q2 | 2.3% | 2.9% | 3.0% | 3.3% | 2.1% |
| 2019Q3 | 3.6% | 3.9% | 3.6% | 2.7% | -0.2% |
| 2019Q4 | 3.1% | 3.2% | 2.6% | 2.3% | 5.3% |
| 2020Q1 | 4.0% | 4.2% | 4.1% | 4.4% | 5.9% |
| 2020Q2 | 16.3% | 16.2% | 1.4% | 1.4% | 24.8% |
| 2020Q3 | -3.0% | -3.1% | 2.3% | 2.6% | -3.8% |
| 2020Q4 | 3.2% | 3.4% | 3.4% | 2.6% | 10.6% |
| 2021Q1 | 4.2% | 4.6% | 4.8% | 4.3% | 0.0% |
| 2021Q2 | 4.7% | 6.4% | 3.6% | 3.9% | 9.0% |
| 2021Q3 | 5.7% | 7.2% | 6.5% | 5.0% | 8.2% |
| 2021Q4 | 6.1% | 7.3% | 4.7% | 5.3% | 10.0% |
| 2022Q1 | 5.2% | 6.0% | 5.2% | 6.6% | 7.7% |
| 2022Q2 | 4.3% | 5.4% | 6.5% | 5.4% | 5.9% |
Notes: NIPA wages and salaries are adjusted to hourly wages and salaries by dividing by CES aggregate hours (including imputed hours for agricultural and self-employed workers from the CPS).
Source: EPI analysis of Bureau of Labor Statistics' (BLS) Current Employment Series and Current Population Survey and Bureau of Economic Analysis' (BEA) National Income and Product Accounts.
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