US Wages Growth Below Forecasts at Over 2-Year Low

Average hourly earnings for all employees on US private nonfarm payrolls rose by 15 cents, or 0.4%, over a month to $37.17 in January 2026, after a downwardly revised 0.1% increase in December and slightly above analysts' estimates of a 0.3% gain. In January, average hourly earnings of private-sector production and nonsupervisory employees rose by 12 cents, or 0.4%, to $31.95. Over the past 12 months, average hourly earnings have increased by 3.7%, matching December's revised reading and above market forecasts of a 3.6% rise.

Average hourly earnings for all employees on US private nonfarm payrolls rose by 12 cents, or 0.3%, over a month to $37.02 in December 2025, after an upwardly revised 0.2% increase in November, matching market forecasts. In December, average hourly earnings of private-sector production and nonsupervisory employees, at $31.76, changed little (+3 cents). Over the past 12 months, average hourly earnings have increased by 3.8% in December, the most in four months, following an upwardly revised 3.6% gain in November and surpassing market estimates of a 3.6% rise.

Average hourly earnings for all employees on US private nonfarm payrolls edged up by 5 cents, or 0.1%, over a month to $36.86 in November 2025, following a 0.4% rise in October and below market forecasts of 0.3%. This was the smallest increase in wages since August 2023. In November, average hourly earnings of private-sector production and nonsupervisory employees rose by 11 cents, or 0.3%, to $31.76. Over the past 12 months, average hourly earnings have increased by 3.5% in November, marking the slowest increase since May 2021, down from 3.7% in October.