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Benefits January 19, 2005
Average Weekly Earnings Jump 0.5% in December
January 19, 2005 (PLANSPONSOR.com) - Real average
weekly earning rose by 0.5% from November to December,
according to preliminary statistics released by the Bureau of
Labor Statistics.
Reported by Kip McDaniel
This was due to a 0.1% increase in the average hourly earnings, a 0.3% rise in the average weekly hours, and a 0.1% decrease in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), according to a press release.
From October to November, average weekly earning decreased by 0.3%. The biggest decrease on the year was seen in June, when there was a 0.7% fall in average weekly earnings.
From December 2003 to December 2004, average weekly earnings rose by 3.3% when seasonally adjusted. After deflation by the CPI-W is taken into account, the average weekly earning decreased by 0.2% over this time span. Before adjusting for seasonal change and inflation, average weekly earnings were $537.08 in December 2004, compared to $520.13 for the same month in 2003.
Data for these statistics are collected from payroll reports of private nonfarm establishments, with earning of both part- and full-time workers in production or nonsupervisory jobs included.