I blogged yesterday:
So real wages have gone up 1.4%
But I got it wrong. The 1.5% increase I referred to was the labour cost index – which is overall cost to employers. That is quite different to how much the average employee earnings have increased.
- Weekly Gross Earnings average (for FTE) up from $1,102 to $1,135 – a 3.0% increase
- Average Hourly Earnings up from $28.79 to $29.41 – a 2.2% increase
So taking into account 0.1% inflation the average FT worker is earning 2.9% more in real terms and getting paid 2.1% an hour more in real terms.