Because the U.S. labor market grew tighter final 12 months, employers responded by elevating wages. The U.S. Bureau of Labor Statistics discovered that, between February 2021 and February 2022, common hourly earnings for personal, nonfarm staff grew from $30.04 to $31.58, translating to about 5% development year-over-year. However beefier paychecks don't inform the entire story. Actual hourly wages have really shrunk by 2.6% throughout that very same timeframe, in accordance with BLS.