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Sunday, May 24, 2020
HomeNewsEconomyWages Rose By at Least 3% for 20th Straight Month in March

Wages Rose By at Least 3% for 20th Straight Month in March

Business and economy concept showing people climbing up the economic ladder for success, for the better income, wages and salaries, pay raises, etc. (Photo: AdobeStock)

Wages Are Silver Lining in Labor Market Devastated By Coronavirus Mitigation Efforts

Business and economy concept showing people climbing up the economic ladder for success, for the better income, wages and salaries, pay raises, etc. (Photo: AdobeStock)
Business and economy concept showing people climbing up the economic ladder for success, for the better income, wages and salaries, pay raises, etc. (Photo: AdobeStock)

Washington, D.C. (PPD) — Wages, or average hourly earnings (AHE) for all employees on private nonfarm payrolls, increased by 3.1% over the last 12 months in March. It marks 20 consecutive months in which wages grew at or above 3%, according to the U.S. Bureau of Labor Statistics (BLS) monthly jobs report.

While the overall report marked the beginning of the negative impact from the mitigation efforts to stop the spread of the Chinese Coronavirus (COVID-19), the increase in wages beat the consensus forecast.

Forecasts for 12-month wage growth ranged from a low of 2.7% to a high of 3.0%. The consensus forecast was 3.0%.

Average hourly earnings of private-sector production and nonsupervisory employees increased by 1 cents to $28.62 in March, while private nonfarm payrolls increased by 10 cents to $24.07.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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