CES0500000003Average Hourly Earnings (CES0500000003) — Current Value & Historical Data
FRED series title: Average Hourly Earnings of All Employees, Total Private
Average Hourly Earnings (CES0500000003) Chart & Data Table
Gray bands: NBER recessions
What is Average Hourly Earnings (CES0500000003)?
Average hourly earnings of all employees on private nonfarm payrolls is the Bureau of Labor Statistics' monthly measure of what U.S. private-sector workers earn per hour before taxes, drawn from the Current Employment Statistics survey of businesses and published with the Employment Situation report on the first Friday of each month. It is the most widely quoted gauge of wage growth: economists watch the year-over-year change to judge whether pay is rising faster or slower than inflation. Growth accelerated to near 6 percent in early 2022 as employers competed for scarce workers, then cooled as the labor market loosened. Because the average reflects the mix of jobs as well as raises, a sudden layoff of low-wage workers can lift it even when no one gets a raise.
Current Average Hourly Earnings (CES0500000003) Value
As of September 1, 2026, the current average hourly earnings of all employees, total private is 37.81 Dollars per Hour. This is the most recent observation available for this series, updated monthly.
Average Hourly Earnings Historical Trend
Average Hourly Earnings of All Employees, Total Private rose 0.13% month-over-month. Over the past year, average hourly earnings of all employees, total private rose 3.25% from August 2025. In the series' tracked history, the highest recorded value was 37.81 (September 2026), and the lowest was 20.04 (March 2006).
Why Average Hourly Earnings matters for government spending
Wages are the base of federal revenue. Income-tax withholding and the payroll taxes that fund Social Security and Medicare are taken from paychecks, so faster earnings growth lifts receipts and pushes workers into higher tax brackets. Wage growth also feeds inflation and the interest rates the Treasury pays on new debt, and the national average wage index derived from wage data sets the Social Security taxable maximum and benefit formulas.
Methodology & Source
Source
Bureau of Labor Statistics
Frequency
Monthly
Units
Dollars per Hour
Notes
The series comes from the 'Current Employment Statistics (Establishment Survey).' The source code is: CES0500000003 The Average Hourly Earnings of All Private Employees is a measure of the average hourly earnings of all private employees on a “gross” basis, including premium pay for overtime and...
Frequently Asked Questions About Average Hourly Earnings (CES0500000003)
What is the current average hourly earnings of all employees, total private?
As of September 1, 2026, average hourly earnings of all employees, total private stands at 37.81 Dollars per Hour.
Where does average hourly earnings of all employees, total private data come from?
Average Hourly Earnings of All Employees, Total Private data is sourced from the Federal Reserve Economic Data (FRED) system and related U.S. government agencies. Data quality and historical coverage vary by series.
How often is average hourly earnings of all employees, total private updated?
This series is updated according to its publication schedule. Check FRED or the source agency for the most current release calendar.
What is the historical high and low for average hourly earnings of all employees, total private?
In the available data, the highest value was 37.81 Dollars per Hour in September 2026, and the lowest was 20.04 Dollars per Hour in March 2006.
How has average hourly earnings of all employees, total private changed over the past year?
Over the past year, average hourly earnings of all employees, total private increased 3.25%.
See Average Hourly Earnings in context
CES0500000003 is tracked on the Labor Market dashboard, alongside related indicators and historical context.
View the Labor Market dashboard →Related government-spending dashboards
How Average Hourly Earnings connects to the federal budget across GOVSPENDING.ORG:
Federal Debt
Total public debt, debt held by the public, and intragovernmental holdings.
Receipts vs Outlays
Federal revenue, spending, and the resulting surplus or deficit over time.
Congressional Activity
Recent legislation, appropriations, and fiscal-related bills in Congress.
Interest Expense vs Revenue
How rising debt service costs crowd out federal spending as a share of receipts over time.
Revenue Composition
Federal receipts broken down by source — individual income, corporate, social insurance, excise taxes, and customs duties as shares of total revenue.
Agency Spending (FY 2019 vs FY 2025)
Net outlays by federal agency for FY 2019 and FY 2025, from the Treasury Monthly Treasury Statement. Both nominal and inflation-adjusted comparisons.
Related Indicators
Compare Average Hourly Earnings with related indicators
See how Average Hourly Earnings stacks up against related series in a side-by-side chart and explainer: