Decidedly up within the latter, even up relative to 2022M02 within the former.
Determine 1: Actual common hourly earnings in whole non-public (blue, left log scale), and in leisure and hospitality (tan, proper log scale), in 1982-84$, s.a. April figures deflated utilizing Cleveland Fed nowcast for CPI. NBER outlined peak-to-trough recession dates shaded grey. Supply: BLS, Cleveland Fed, NBER, and creator’s calculations.
If utilizing the PCE deflator, one obtains Determine 2:
Determine 2: Actual common hourly earnings in whole non-public (blue, left log scale), and in leisure and hospitality (tan, proper log scale), in 2012$ (PCE deflator), s.a. April figures deflated utilizing Cleveland Fed nowcast for PCE. NBER outlined peak-to-trough recession dates shaded grey. Supply: BLS, BEA, Cleveland Fed, NBER, and creator’s calculations.
Implicitly, I’m addressing a problem of inequality, given leisure and hospitality wages are often decrease than the typical (as measured by FRED collection AHETPI, proven within the blue traces above.
Decidedly up within the latter, even up relative to 2022M02 within the former.
Determine 1: Actual common hourly earnings in whole non-public (blue, left log scale), and in leisure and hospitality (tan, proper log scale), in 1982-84$, s.a. April figures deflated utilizing Cleveland Fed nowcast for CPI. NBER outlined peak-to-trough recession dates shaded grey. Supply: BLS, Cleveland Fed, NBER, and creator’s calculations.
If utilizing the PCE deflator, one obtains Determine 2:
Determine 2: Actual common hourly earnings in whole non-public (blue, left log scale), and in leisure and hospitality (tan, proper log scale), in 2012$ (PCE deflator), s.a. April figures deflated utilizing Cleveland Fed nowcast for PCE. NBER outlined peak-to-trough recession dates shaded grey. Supply: BLS, BEA, Cleveland Fed, NBER, and creator’s calculations.
Implicitly, I’m addressing a problem of inequality, given leisure and hospitality wages are often decrease than the typical (as measured by FRED collection AHETPI, proven within the blue traces above.