MarketXLS

Average Hourly Earnings

37.62 for Jul 2026

Average Hourly Earnings came in at 37.62 (Dollars per Hour) for Jul 2026, up 0.05% from 37.6 the prior month and 3.15% above its level of 36.47 one year ago. The series has averaged 26.96 since 2006, reaching a record high of 37.62 in July 2026 and a record low of 20.04 in March 2006.

Source: Federal Reserve Economic Data (FRED), St. Louis Fed

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Cite this data: "Average Hourly Earnings," MarketXLS. Data from Federal Reserve Economic Data (FRED), St. Louis Fed. marketxls.com/indicators/average-hourly-earnings

Historical Data

Observation dateValue
July 1, 202637.62
June 1, 202637.6
May 1, 202637.49
April 1, 202637.41
March 1, 202637.35
February 1, 202637.27
January 1, 202637.15
December 1, 202537.02
November 1, 202537
October 1, 202536.85
September 1, 202536.7
August 1, 202536.62
July 1, 202536.47
June 1, 202536.36
May 1, 202536.28
April 1, 202536.12
March 1, 202536.11
February 1, 202535.94
January 1, 202535.84
December 1, 202435.69
November 1, 202435.6
October 1, 202435.46
September 1, 202435.34
August 1, 202435.22
July 1, 202435.08
June 1, 202435.01
May 1, 202434.89
April 1, 202434.76
March 1, 202434.65
February 1, 202434.52
January 1, 202434.47
December 1, 202334.29
November 1, 202334.17
October 1, 202334.08
September 1, 202334.01
August 1, 202333.89
July 1, 202333.85
June 1, 202333.69
May 1, 202333.5
April 1, 202333.43
March 1, 202333.27
February 1, 202333.15
January 1, 202333.02
December 1, 202232.94
November 1, 202232.82
October 1, 202232.7
September 1, 202232.57
August 1, 202232.44
July 1, 202232.34
June 1, 202232.19
May 1, 202232.1
April 1, 202231.96
March 1, 202231.8
February 1, 202231.64
January 1, 202231.6
December 1, 202131.39
November 1, 202131.23
October 1, 202131.14
September 1, 202130.98
August 1, 202130.78
July 1, 202130.66
June 1, 202130.54
May 1, 202130.41
April 1, 202130.22
March 1, 202130.03
February 1, 202130.05
January 1, 202129.93
December 1, 202029.91
November 1, 202029.64
October 1, 202029.54
September 1, 202029.51
August 1, 202029.49
July 1, 202029.39
June 1, 202029.38
May 1, 202029.72
April 1, 202030.04
March 1, 202028.73
February 1, 202028.54
January 1, 202028.43
December 1, 201928.38
November 1, 201928.34
October 1, 201928.24
September 1, 201928.16
August 1, 201928.14
July 1, 201928.03
June 1, 201927.97
May 1, 201927.88
April 1, 201927.79
March 1, 201927.77
February 1, 201927.69
January 1, 201927.59
December 1, 201827.56
November 1, 201827.44
October 1, 201827.37
September 1, 201827.32
August 1, 201827.21
July 1, 201827.1
June 1, 201827.03
May 1, 201826.98
April 1, 201826.91
March 1, 201826.85
February 1, 201826.74
January 1, 201826.72
December 1, 201726.63
November 1, 201726.54
October 1, 201726.5
September 1, 201726.49
August 1, 201726.37
July 1, 201726.35
June 1, 201726.26
May 1, 201726.21
April 1, 201726.18
March 1, 201726.11
February 1, 201726.07
January 1, 201726
December 1, 201625.93
November 1, 201625.9
October 1, 201625.9
September 1, 201625.77
August 1, 201625.71
July 1, 201625.69
June 1, 201625.62
May 1, 201625.58
April 1, 201625.53
March 1, 201625.45
February 1, 201625.38
January 1, 201625.37
December 1, 201525.25
November 1, 201525.25
October 1, 201525.2
September 1, 201525.11
August 1, 201525.1
July 1, 201525.01
June 1, 201524.97
May 1, 201524.97
April 1, 201524.89
March 1, 201524.85
February 1, 201524.79
January 1, 201524.74
December 1, 201424.63
November 1, 201424.66
October 1, 201424.59
September 1, 201424.56
August 1, 201424.54
July 1, 201424.48
June 1, 201424.46
May 1, 201424.4
April 1, 201424.34
March 1, 201424.31
February 1, 201424.33
January 1, 201424.22
December 1, 201324.18
November 1, 201324.16
October 1, 201324.09
September 1, 201324.06
August 1, 201324.02
July 1, 201323.98
June 1, 201323.96
May 1, 201323.89
April 1, 201323.87
March 1, 201323.8
February 1, 201323.78
January 1, 201323.74
December 1, 201223.72
November 1, 201223.63
October 1, 201223.56
September 1, 201223.57
August 1, 201223.48
July 1, 201223.49
June 1, 201223.46
May 1, 201223.41
April 1, 201223.39
March 1, 201223.36
February 1, 201223.28
January 1, 201223.26
December 1, 201123.22
November 1, 201123.19
October 1, 201123.18
September 1, 201123.11
August 1, 201123.06
July 1, 201123.11
June 1, 201123
May 1, 201122.97
April 1, 201122.91
March 1, 201122.87
February 1, 201122.87
January 1, 201122.87
December 1, 201022.76
November 1, 201022.73
October 1, 201022.73
September 1, 201022.67
August 1, 201022.62
July 1, 201022.59
June 1, 201022.53
May 1, 201022.51
April 1, 201022.49
March 1, 201022.46
February 1, 201022.46
January 1, 201022.4
December 1, 200922.37
November 1, 200922.34
October 1, 200922.31
September 1, 200922.27
August 1, 200922.23
July 1, 200922.18
June 1, 200922.14
May 1, 200922.12
April 1, 200922.1
March 1, 200922.05
February 1, 200921.98
January 1, 200921.96
December 1, 200821.95
November 1, 200821.86
October 1, 200821.76
September 1, 200821.73
August 1, 200821.7
July 1, 200821.6
June 1, 200821.52
May 1, 200821.47
April 1, 200821.38
March 1, 200821.36
February 1, 200821.27
January 1, 200821.19
December 1, 200721.16
November 1, 200721.12
October 1, 200721.06
September 1, 200721.04
August 1, 200721
July 1, 200720.94
June 1, 200720.95
May 1, 200720.84
April 1, 200720.79
March 1, 200720.72
February 1, 200720.68
January 1, 200720.59
December 1, 200620.58
November 1, 200620.49
October 1, 200620.42
September 1, 200620.4
August 1, 200620.32
July 1, 200620.29
June 1, 200620.22
May 1, 200620.13
April 1, 200620.17
March 1, 200620.04

About Average Hourly Earnings

What it measures

Average Hourly Earnings of All Employees, Total Private (FRED series CES0500000003) measures the average pretax hourly wage across private nonfarm payrolls. The Bureau of Labor Statistics publishes it monthly in the employment situation report, calculated from the establishment survey by dividing total payroll wages by total hours worked.

Why it matters

Wage growth links the labor market to inflation: sustained earnings growth well above productivity growth pressures unit labor costs and, ultimately, prices. Markets parse the year-over-year rate in every jobs report for its Federal Reserve policy implications. Real wage growth, earnings relative to inflation, determines household purchasing power.

How to read it

Track the year-over-year and three-month annualized rates rather than single monthly changes, which are noisy. Beware composition effects: because it is a simple average, mass layoffs of lower-paid workers mechanically raise measured earnings, and rapid low-wage hiring lowers them, without any individual raise. Cross-check with the Employment Cost Index, which controls for composition.

Get Average Hourly Earnings in Excel

Pull Average Hourly Earnings directly into your spreadsheet with a single MarketXLS formula - always current, no copy-pasting:

=HourlyEarnings()

View the Average Hourly Earnings - Private formula documentation or browse all 100+ Economic Data functions.

Frequently Asked Questions

What is the current Average Hourly Earnings?

Average Hourly Earnings is 37.62 (Dollars per Hour) as of July 2026.

What is the all-time high and low of Average Hourly Earnings?

The highest value on record is 37.62 (July 2026) and the lowest is 20.04 (March 2006).

How often is Average Hourly Earnings updated?

Average Hourly Earnings is published on a monthly basis, sourced from Federal Reserve Economic Data (FRED).

How do I get Average Hourly Earnings in Excel?

Use the MarketXLS Excel formula =HourlyEarnings() to pull Average Hourly Earnings directly into any cell, with historical values available for analysis.

Basic info
Average hourly earnings of all employees in the private sector.
RegionUnited States
FrequencyMonthly
Last updatedAugust 7, 2026
Seasonal adjustmentSeasonally Adjusted
UnitDollars per Hour

Stats
Last Value37.62
Latest PeriodJul 2026
Last UpdatedAugust 7 2026, 08:33
Value Previous Month37.6
Change From Previous Month0.05%
Value 1 Year Ago36.47
Change From Year Ago3.15%
Average Growth Rate3.15%/yr
Record High (Jul 2026)37.62
Record Low (Mar 2006)20.04
Long-Term Average26.96
FrequencyMonthly
AdjustmentSeasonally Adjusted
UnitDollars per Hour

Annual Averages
202637.41
202536.44
202435.06
202333.7
202232.26
202130.61
202029.36
201928
201827.1
201726.31
201625.65
201525.01

Related Indicators
Nonfarm Payrolls
All Employees, Total Private
All Employees, Goods-Producing
All Employees, Service-Providing
All Employees, Government
Unemployment Rate
Initial Jobless Claims
Average Weeks Unemployed
Job Openings: Total Nonfarm
Hires: Total Nonfarm
Total Separations: Total Nonfarm
Quits: Total Nonfarm
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