A Stern Glance

Real average hourly earnings fell 0.1 percent from September to October, seasonally adjusted, the U.S.Bureau of Labor Statistics reported today. A 0.3 percent increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers slightly offset a 0.3 percent increase in average hourly earnings for production and nonsupervisory workers.

Real average weekly earnings fell 0.1 percent over the month, as a result of a decline in real average hourly earnings and an unchanged average work week. Since reaching a recent high point in December 2008, real average weekly earnings have fallen by 1.9 percent.