Benefits June 13, 2008

Average Weekly Earnings Drop – Again

June 13, 2008 (PLANSPONSOR.com) - The latest U.S. Department of Labor (DoL) data for real average weekly earnings showed the indicator dropped by 0.4% from April to May - its second straight decline.
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Data released by theBureau of Labor Statistics (BLS) of the U.S. Department of Labor showed that a 0.3% increase in average hourly earnings partially offset a 0.7% increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Average weekly hours were unchanged.

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BLS reported a 0.5% decline from March to April 2008 (See Average Weekly Earnings Down by 0.5% ).

The BLS data also showed that average weekly earnings rose by 3.2%, seasonally adjusted, from May 2007 to May 2008. After deflation by the CPI-W, average weekly earnings decreased by 1.2%.

Before adjustment for seasonal change and inflation, average weekly earnings were $601.10 in May 2008, compared to $583.01 a year earlier.

Data on average weekly earnings are collected from the payroll reports of private non-farm establishments. Real average weekly earnings are calculated by adjusting earnings in current dollars for changes in the CPI-W.

More information is available here .

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