September 16, 2004

GOT BRASS IN POCKET:

Wage gains stay ahead of inflation in August (Barbara Hagenbaugh, 9/16/04, USA TODAY)

Gains in workers' pay outpaced inflation for the second straight month in August, the government said Thursday in a report suggesting subdued price pressures are helping employees come out slightly ahead.

Average weekly earnings, adjusted for inflation and seasonal variations, rose 0.3% in August from the prior month following a 1% gain in July, the Labor Department said. It was the first time since late 2003 that inflation-adjusted earnings rose for two straight months. The report measures pay for production and non-supervisory workers outside of farming. [...]

The earnings report accompanied other data showing the Consumer Price Index rose just 0.1% in August following a 0.1% drop in July. Excluding volatile food and energy costs, inflation at the consumer level was also up 0.1% for the third straight month.

Posted by Orrin Judd at September 16, 2004 4:59 PM
Comments for this post are closed.