Analyst Ben Casselman stated that rising inflation coupled with slowing wage growth means Americans are earning less in real time per hour. Inflation-adjusted average hourly earnings fell 0.5% month-over-month and 0.7% year-over-year in September. This marks the sixth consecutive month of year-over-year declines in real wages. Current average real hourly earnings are exactly at the level seen during President Trump's second inauguration. In other words, since his return to the White House, real wages for Americans have seen zero growth overall. Nominal hourly earnings, not adjusted for inflation, have risen 5.5% since January 2025, while the inflation rate has risen 5.44% over the same period.
