Average Hourly Earnings MoM
United States · next release date not yet on the live calendar
No verified figures for this release right now — the consensus forecast and previous reading appear here whenever this event is on the current week's live calendar. We do not show placeholder numbers.
What it is
Average hourly earnings measure the month-on-month change in the average hourly pay of all employees on private non-farm payrolls, drawn from the establishment survey in the Bureau of Labor Statistics Employment Situation report. Because it arrives with the monthly jobs report, it is the earliest regular read on US wage growth. It is an average, though, so shifts in the mix of jobs, such as many lower-paid workers joining or leaving payrolls, can move it even when individual pay rates have not changed.
Why it matters to traders
Wage growth is a key input to services inflation, so an earnings figure well above or below expectations can outweigh the payrolls headline in how the market reads the whole report. Policymakers and traders read wage growth that runs persistently faster than productivity as a possible source of lasting services inflation, and slowing wage growth as a sign that this pressure is easing.
Next scheduled release
Next date not yet on our live calendar
Average Hourly Earnings MoM is not on the current week's live calendar, and we don't hold a verified forward schedule for it — so no date is shown rather than an estimated one. It appears on the FXMARE economic calendar with a live countdown as soon as the release is published to the feed.
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