Reader JohnH offers a graph which appears to point out lagging median wages. Nonetheless, his graph is inexplicably normalized to 2020Q1, when the pandemic was underway. Listed below are the identical collection, log-normalized to NBER peak at 2019Q4.
Determine 1: Common weekly actual earnings from CES (blue), median weekly actual earnings (tan), all in 1982-84$, in logs 2019Q4=0. NBER outlined peak-to-trough recession dates shaded grey. Supply: BLS by way of FRED, NBER, and creator’s calculations.
The common wage in 2023Q1 from the CES is 0.6% larger than at NBER peak, whereas median wage from the CPS is 0.3% larger.