Macro Dashboard
Wages & Compensation
A broad look at wage growth: fast monthly earnings data, cleaner quarterly employment costs, and median-worker pay dynamics from the Atlanta Fed.
Coverage
Mar '06 – Jan '26
Quarterly: Q1 '01 – Q4 '25
Use average hourly earnings for the fast monthly read, ECI for the cleaner underlying compensation trend, and the Atlanta Fed tracker for what the median worker is actually seeing. On smaller screens, tabs switch views and wide charts can pan horizontally.
AHE YoY
+4.1%
All employees, Jan '26
ECI Comp. YoY
+3.4%
Private industry, Q4 '25
Median Wage Growth
+3.6%
Atlanta Fed tracker, Jan '26
Switcher Premium
+1.2%
Job switcher minus stayer growth
Headline Trend
The fast wage signal is monthly, but it is not the cleanest one.
Average hourly earnings move quickly with each jobs report, but worker mix can distort the read. Comparing all employees with production and nonsupervisory workers helps separate breadth from composition effects.
Monthly AHE Change
Month-over-month % change in average hourly earnings, all employees, seasonally adjusted
Latest
Jan '26 +0.41%
vs +0.35% 48-mo avg
Source: FRED / BLS CES hourly earnings series, seasonally adjusted · Hover, focus, or tap for detail
Compensation Mix
ECI separates wages from benefits and filters out more job-mix noise.
ECI is the better guide to underlying labor-cost pressure. It answers a different question than payroll wages: what is it costing employers to compensate a comparable basket of labor?
Wages & Salaries YoY
+3.4%
Private industry, Q4 '25
Benefits YoY
+3.5%
Private industry, Q4 '25
ECI Total Compensation YoY
Private industry total compensation — year-over-year % change
Latest
Q4 '25
1 series visible
Source: FRED / BLS Employment Cost Index, seasonally adjusted · Hover or tap points for detail
Worker Dynamics
Switcher-stayer spreads say more about labor-market heat than averages do.
When job switchers can still command a clear premium, labor demand remains firm. When that premium compresses, wage pressure is usually broadening less aggressively.
Overall Median
+3.6%
Jan '26
Job Switcher
+4.7%
Jan '26
Job Stayer
+3.5%
Jan '26
Atlanta Fed Wage Growth Tracker
3-month moving average of median individual wage growth
Latest
Jan '26
3 series visible
Leader
Job switcher
4.7%
Source: FRED / Atlanta Fed Wage Growth Tracker · Hover or tap points for detail
Data
The numbers behind the charts.
Monthly earnings and wage-tracker series stay separate from the quarterly ECI table so the time basis is always explicit.
Monthly Summary
Average hourly earnings and median wage-growth tracker
| Month | AHE | AHE YoY | Prod. YoY | Median | Switcher | Stayer |
|---|---|---|---|---|---|---|
| Jan '26 | $37.17 | +4.1% | +4.2% | +3.6% | +4.7% | +3.5% |
| Dec '25 | $37.02 | +4.0% | +4.2% | +3.7% | +4.0% | +3.5% |
| Nov '25 | $37.00 | +4.3% | +4.3% | +4.0% | +4.5% | +3.7% |
| Sep '25 | $36.70 | +3.8% | +3.8% | +4.1% | +4.7% | +3.8% |
| Aug '25 | $36.62 | +4.0% | +4.0% | +4.0% | +4.5% | +3.7% |
| Jul '25 | $36.47 | +4.0% | +4.1% | +4.1% | +4.0% | +4.1% |
| Jun '25 | $36.36 | +3.9% | +4.1% | +4.1% | +3.9% | +4.2% |
| May '25 | $36.28 | +4.0% | +4.1% | +4.3% | +4.1% | +4.4% |
| Apr '25 | $36.12 | +3.9% | +4.2% | +4.3% | +4.2% | +4.4% |
| Mar '25 | $36.11 | +4.2% | +4.2% | +4.3% | +4.2% | +4.3% |
| Feb '25 | $35.94 | +4.1% | +4.1% | +4.3% | +4.3% | +4.4% |
| Jan '25 | $35.84 | +4.0% | +4.0% | +4.2% | +4.2% | +4.1% |
| Dec '24 | $35.69 | +4.1% | +4.0% | +4.2% | +4.3% | +4.2% |
| Nov '24 | $35.60 | +4.2% | +4.1% | +4.3% | +4.5% | +4.3% |
| Oct '24 | $35.46 | +4.0% | +4.2% | +4.7% | +4.6% | +4.7% |
| Sep '24 | $35.34 | +3.9% | +4.1% | +4.8% | +4.8% | +4.8% |
| Aug '24 | $35.22 | +3.9% | +4.2% | +4.7% | +4.6% | +4.8% |
| Jul '24 | $35.08 | +3.6% | +4.0% | +4.7% | +4.8% | +4.5% |
| Jun '24 | $35.01 | +3.9% | +4.1% | +5.3% | +5.3% | +5.2% |
| May '24 | $34.89 | +4.1% | +4.1% | +5.2% | +5.5% | +5.0% |
| Apr '24 | $34.76 | +4.0% | +4.0% | +5.3% | +5.4% | +5.2% |
| Mar '24 | $34.65 | +4.1% | +4.3% | +4.7% | +5.1% | +4.4% |
| Feb '24 | $34.52 | +4.1% | +4.4% | +5.0% | +5.4% | +4.6% |
| Jan '24 | $34.47 | +4.4% | +4.6% | +5.1% | +5.6% | +4.7% |
Source: FRED / BLS CES hourly earnings series and Atlanta Fed Wage Growth Tracker
Methodology & Sources
Sources: FRED series CES0500000003 and AHETPI for average hourly earnings; ECICOM, ECIWAG, and ECIBEN for Employment Cost Index; and FRBATLWGT3MMAUMHWGO, FRBATLWGT3MMAUMHWGJMJSW, and FRBATLWGT3MMAUMHWGJMJST for the Atlanta Fed Wage Growth Tracker. Monthly wage-tracker values are 3-month moving averages and the ECI is quarterly and seasonally adjusted.