Earnings and Employment
Between May 2001 and May 2004, real average hourly earnings rose a total of 2.0% (0.6% per year on average). Earnings growth was brisker from mid-2001 to mid-2002 after the inflation rate dropped sharply (3.6% in May 2001 versus 1.1% in June 2002). Average hourly earnings in current dollars increased 2.2% between May 2003 and May 2004 but declined 0.7% in real terms because of the recent surge in the Consumer Price Index.
Suggested citation: "Earnings and Employment," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-07, pp. 13, 07.01.2004.