The U.S. Bureau of Labor Statistics reported this morning that real average weekly earnings fell by 0.1% in May. During the month nominal earnings were flat but a 0.1% increase in the CPI-U (Consumer Price Index for Urban Consumers) led to a decline in real earnings.
Over the last year real average weekly earnings have risen by a reasonably healthy 2.3% (especially given that unemployment remains above 7%), but for the last two months the growth has slowed. In March, real average weekly earnings rose by 0.5%, in April it was 0.3%, and now a decline in May. More complete economic data will be coming in the next few months, but today's earnings report indicates that the U.S. economy might be slowing a little here in the second quarter.
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