Real Income is Rising, Not Stagnating
According to another BLS report today, average weekly earnings increased by 4.4% over the last year, from $550.26 last November to $574.27 in November 2006, a 4.4% annual increase. After adjusting for inflation, real average weekly earnings increased by 2.6% over the last year. Data therefore show an INCREASE in real wages, not flat or declining real wages as prevailing popular myths would suggest. And this report is for monetary wages only (excludes fringe benefits), not for Total Compensation, which is released in a separate quarterly BLS report.