P.M. BRIEFING : ‘Real’ Earnings Slip 0.7%
The real average weekly earnings of American workers, after adjusting for inflation and seasonal factors, fell 0.7% in November, the Labor Department said today.
It said October real average earnings were unchanged after earlier figures, which had shown a 0.6% gain, were revised.
November real average earnings were down 1.5% from the same month a year ago, the department said.
The November decline reflected a 0.1% fall in average hourly earnings, a 0.3% drop in average weekly hours and a 0.3% rise in the consumer price index for urban wage earners and clerical workers, the department said.
Consumer prices rose 0.4% in November after a 0.5% October gain, with higher food and housing costs accounting for much of last month’s advance.
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