Benefits May 14, 2008

Average Weekly Earnings Down by 0.5%

May 14, 2008 (PLANSPONSOR.com) - The latest U.S. Department of Labor (DoL) data for real average weekly earnings showed the indicator dropped by 0.5% from March to April 2008.
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A news release from the DoL’s Bureau of Labor Statistics (BLS) said a 0.1% hike in average hourly earnings was offset by a 0.3% retreat in average weekly hours and a 0.2% jump in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

The BLS data indicated average weekly earnings rose by 3.1%, seasonally adjusted, from April 2007 to April 2008. After adjusting for the CPI-W, average weekly earnings decreased by 1%. Before adjustment for seasonal change and inflation, average weekly earnings were $599.65 in April 2008, compared with $588.50 a year earlier.

Data on average weekly earnings are collected from the payroll reports of private nonfarm establishments. Earnings of both full-time and part-time workers holding production or nonsupervisory jobs are included.

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