LABOR • AHETPI

Wage Growth

Seasonally adjusted hourly earnings of production and nonsupervisory employees in the private sector, with history from 1964. This is a different worker population from the newer all-employee earnings series.

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CURRENT3.30%% YoY • September 2026

PRIOR MOVE-0.01 ppvs prior month

VS YEAR AGO-0.55 ppchange in displayed metric

10-YEAR POSITION15thpercentile rank

Wage Growth history

% YoY • normalized monthly

121 plotted periodsLatest: 3.30%

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Sep 2026: 3.3 % YoY

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View chart data (121 periods)

WHY IT MATTERS

Wage growth helps track household income and labor costs. Changes can also reflect shifts in the mix of workers and jobs.

The current 5-year z-score is -1.33, with a 10-year displayed-metric range of 1.51% to 7.76%.

SOURCE & METHOD

Verified data, calculated server-side.

Source: FRED, series AHETPI. Values are displayed in % YoY.

Historical coverage begins January 1964. Daily and weekly observations are averaged within each calendar month for this page chart.

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Related indicators

Keep following the chain

LaborPayrollsMonthly change in total U.S. nonfarm payroll employment.LaborUnemploymentThe share of the labor force that is unemployed and actively seeking work.InflationCore CPIConsumer inflation excluding food and energy, which can be more volatile.

GO DEEPER

Test the relationship yourself.

Start with Wage Growth as X and Payrolls as Y, using level values. Change either indicator, transformation, or date range in Research Lab, then run your analysis.

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