Accessible Version

Accessible Version

Figure 1. Total and core PCE inflation

Monthly
Percent change from a year earlier

Period Total PCE Core PCE
14-Jan 1.48 1.54
14-Feb 1.17 1.48
14-Mar 1.5 1.58
14-Apr 1.78 1.7
14-May 1.89 1.77
14-Jun 1.79 1.72
14-Jul 1.81 1.77
14-Aug 1.64 1.69
14-Sep 1.63 1.71
14-Oct 1.43 1.58
14-Nov 1.19 1.51
14-Dec 0.84 1.47
15-Jan 0.18 1.36
15-Feb 0.29 1.4
15-Mar 0.28 1.36
15-Apr 0.16 1.34
15-May 0.23 1.28
15-Jun 0.31 1.29
15-Jul 0.24 1.19
15-Aug 0.26 1.23
15-Sep 0.08 1.23
15-Oct 0.09 1.16
15-Nov 0.23 1.16
15-Dec 0.3 1.13
16-Jan 0.82 1.34
16-Feb 0.59 1.39
16-Mar 0.63 1.38
16-Apr 0.89 1.47
16-May 0.8 1.5
16-Jun 0.79 1.5
16-Jul 0.75 1.58
16-Aug 0.9 1.7
16-Sep 1.23 1.68
16-Oct 1.46 1.82
16-Nov 1.44 1.76
16-Dec 1.71 1.83
17-Jan 2.03 1.9
17-Feb 2.25 1.94
17-Mar 1.96 1.75
17-Apr 1.85 1.73
17-May 1.67 1.67
17-Jun 1.57 1.7
17-Jul 1.56 1.58
17-Aug 1.65 1.52
17-Sep 1.85 1.54
17-Oct 1.78 1.65
17-Nov 1.91 1.68
17-Dec 1.87 1.7
18-Jan 1.85 1.75
18-Feb 1.95 1.77
18-Mar 2.15 2.05
18-Apr 2.12 1.98
18-May 2.35 2.08
18-Jun 2.36 2.04
18-Jul 2.43 2.11
18-Aug 2.27 2.01
18-Sep 2.11 2.09
18-Oct 2.13 1.96
18-Nov 2.01 2.07
18-Dec 1.88 2.08
19-Jan 1.5 1.88
19-Feb 1.41 1.73
19-Mar 1.55 1.63
19-Apr 1.66 1.73
19-May 1.54 1.65
19-Jun 1.49 1.75
19-Jul 1.55 1.76
19-Aug 1.5 1.84
19-Sep 1.35 1.69
19-Oct 1.38 1.69
19-Nov 1.38 1.53
19-Dec 1.6 1.59
20-Jan 1.8 1.69
20-Feb 1.76 1.8
20-Mar 1.26 1.61
20-Apr 0.42 0.91
20-May 0.45 0.94
20-Jun 0.74 0.94
20-Jul 0.89 1.13
20-Aug 1.16 1.35
20-Sep 1.28 1.46
20-Oct 1.11 1.35
20-Nov 1.08 1.35
20-Dec 1.28 1.46
21-Jan 1.48 1.57
21-Feb 1.7 1.56
21-Mar 2.53 2.05
21-Apr 3.63 3.12
21-May 4.05 3.52
21-Jun 4.25 3.8
21-Jul 4.42 3.87
21-Aug 4.52 3.88
21-Sep 4.65 3.92
21-Oct 5.22 4.31
21-Nov 5.85 4.82
21-Dec 5.97 5.04
22-Jan 6.12 5.21
22-Feb 6.39 5.42
22-Mar 6.77 5.36
22-Apr 6.41 5.03
22-May 6.52 4.88
22-Jun 6.98 5.04
22-Jul 6.38 4.69
22-Aug 6.24 4.92
22-Sep 6.26 5.17
22-Oct 6.04 5

Note: October data are estimates based on October data from the consumer price index and the producer price index. PCE is personal consumption expenditures.

Source: Bureau of Economic Analysis; Bureau of Labor Statistics; staff estimates.

Figure 2. Components of core PCE inflation

Monthly
Percent change from a year earlier

Period Core goods Housing services Core services less housing
Jan-14 -1.13 2.59 2.39
Feb-14 -1.1 2.59 2.27
Mar-14 -0.94 2.67 2.35
Apr-14 -0.8 2.72 2.47
May-14 -0.7 2.73 2.55
Jun-14 -0.66 2.75 2.44
Jul-14 -0.64 2.85 2.5
Aug-14 -0.79 2.8 2.44
Sep-14 -0.71 2.85 2.41
Oct-14 -0.6 2.87 2.14
Nov-14 -0.82 2.89 2.11
Dec-14 -0.77 2.8 2.04
Jan-15 -0.94 2.85 1.91
Feb-15 -0.73 2.93 1.86
Mar-15 -0.63 2.95 1.75
Apr-15 -0.58 2.98 1.68
May-15 -0.58 2.99 1.58
Jun-15 -0.83 3.11 1.67
Jul-15 -0.95 3.15 1.54
Aug-15 -0.9 3.17 1.57
Sep-15 -0.8 3.23 1.52
Oct-15 -0.98 3.24 1.47
Nov-15 -0.79 3.19 1.4
Dec-15 -0.79 3.24 1.33
Jan-16 -0.62 3.25 1.62
Feb-16 -0.63 3.22 1.73
Mar-16 -0.75 3.19 1.77
Apr-16 -0.65 3.2 1.87
May-16 -0.84 3.3 1.98
Jun-16 -0.86 3.28 1.99
Jul-16 -0.86 3.27 2.14
Aug-16 -0.58 3.31 2.2
Sep-16 -0.58 3.38 2.16
Oct-16 -0.52 3.46 2.34
Nov-16 -0.88 3.58 2.37
Dec-16 -0.84 3.64 2.44
Jan-17 -0.5 3.61 2.43
Feb-17 -0.51 3.62 2.5
Mar-17 -0.54 3.6 2.18
Apr-17 -0.85 3.52 2.32
May-17 -0.89 3.43 2.25
Jun-17 -0.71 3.41 2.22
Jul-17 -0.58 3.39 1.98
Aug-17 -0.85 3.46 1.96
Sep-17 -1.17 3.37 2.15
Oct-17 -0.97 3.37 2.26
Nov-17 -0.83 3.31 2.27
Dec-17 -0.85 3.36 2.3
Jan-18 -0.76 3.38 2.34
Feb-18 -0.83 3.3 2.42
Mar-18 -0.67 3.37 2.82
Apr-18 -0.38 3.46 2.55
May-18 -0.13 3.48 2.6
Jun-18 -0.39 3.43 2.66
Jul-18 -0.51 3.46 2.83
Aug-18 -0.73 3.41 2.77
Sep-18 -0.54 3.37 2.83
Oct-18 -0.57 3.34 2.63
Nov-18 -0.35 3.39 2.71
Dec-18 -0.46 3.28 2.81
Jan-19 -0.35 3.25 2.42
Feb-19 -0.63 3.35 2.25
Mar-19 -0.76 3.38 2.13
Apr-19 -0.92 3.42 2.35
May-19 -0.89 3.41 2.21
Jun-19 -0.47 3.5 2.17
Jul-19 -0.49 3.46 2.21
Aug-19 -0.08 3.42 2.18
Sep-19 -0.25 3.5 1.97
Oct-19 -0.32 3.41 2.04
Nov-19 -0.51 3.36 1.86
Dec-19 -0.44 3.38 1.93
Jan-20 -0.75 3.46 2.22
Feb-20 -0.39 3.4 2.28
Mar-20 -0.58 3.32 2.06
Apr-20 -1.23 3.17 1.13
May-20 -1.5 3.16 1.3
Jun-20 -1.58 2.93 1.43
Jul-20 -0.93 2.88 1.5
Aug-20 -0.35 2.77 1.64
Sep-20 -0.28 2.56 1.9
Oct-20 -0.45 2.55 1.8
Nov-20 -0.19 2.33 1.75
Dec-20 0.04 2.21 1.89
Jan-21 0.31 2.03 2
Feb-21 0.01 2.01 2.14
Mar-21 0.51 1.96 2.82
Apr-21 2.37 1.98 3.88
May-21 3.58 2.03 3.98
Jun-21 4.23 2.23 4.09
Jul-21 3.98 2.3 4.3
Aug-21 3.87 2.45 4.32
Sep-21 4.1 2.78 4.17
Oct-21 5.07 3.02 4.31
Nov-21 5.45 3.41 4.93
Dec-21 6.12 3.68 4.92
Jan-22 6.77 4 4.8
Feb-22 7.56 4.27 4.71
Mar-22 7.38 4.51 4.61
Apr-22 6.29 4.79 4.47
May-22 5.69 5.12 4.41
Jun-22 5.73 5.56 4.53
Jul-22 5.51 5.95 3.9
Aug-22 5.59 6.41 4.14
Sep-22 5.69 6.82 4.42
Oct-22 4.6 7.05 4.59

Note: October data are estimates based on October data from the consumer price index and the producer price index.

Source: Bureau of Economic Analysis; Bureau of Labor Statistics; staff estimates.

Figure 3. Market rents and PCE housing services inflation

Monthly
Percent change from a year earlier

Period PCE housing services Zillow (national) CoreLogic single-family detached (national) RealPage (national) ApartmentList (national)
Jan-14 2.59 ND 3.55 4.79 ND
Feb-14 2.59 ND 3.45 5.02 ND
Mar-14 2.67 ND 3.4 5.22 ND
Apr-14 2.72 ND 3.46 5.41 ND
May-14 2.73 ND 3.53 5.63 ND
Jun-14 2.75 ND 3.65 5.88 ND
Jul-14 2.85 ND 3.67 6.08 ND
Aug-14 2.8 ND 3.72 6.24 ND
Sep-14 2.85 ND 3.81 6.42 ND
Oct-14 2.87 ND 3.65 6.61 ND
Nov-14 2.89 ND 3.52 6.8 ND
Dec-14 2.8 ND 3.46 6.92 ND
Jan-15 2.85 ND 3.81 6.95 ND
Feb-15 2.93 ND 4.09 6.89 ND
Mar-15 2.95 ND 4.22 6.8 ND
Apr-15 2.98 ND 4.11 6.72 ND
May-15 2.99 ND 3.97 6.66 ND
Jun-15 3.11 ND 3.9 6.66 ND
Jul-15 3.15 ND 3.97 6.72 ND
Aug-15 3.17 ND 3.85 6.75 ND
Sep-15 3.23 ND 3.91 6.66 ND
Oct-15 3.24 ND 4.01 6.45 ND
Nov-15 3.19 ND 4.16 6.2 ND
Dec-15 3.24 ND 4.2 6.02 ND
Jan-16 3.25 ND 4.1 5.91 ND
Feb-16 3.22 ND 4.27 5.84 ND
Mar-16 3.19 4.74 4.22 5.75 ND
Apr-16 3.2 4.51 4.2 5.58 ND
May-16 3.3 4.35 4.16 5.3 ND
Jun-16 3.28 4.04 3.92 4.91 ND
Jul-16 3.27 3.96 3.52 4.49 ND
Aug-16 3.31 3.71 3.4 4.16 ND
Sep-16 3.38 3.56 3.2 3.95 ND
Oct-16 3.46 3.34 3.2 3.8 ND
Nov-16 3.58 3.23 2.99 3.63 ND
Dec-16 3.64 3.18 2.79 3.43 ND
Jan-17 3.61 3.14 2.69 3.26 ND
Feb-17 3.62 3.2 2.53 3.18 ND
Mar-17 3.6 3.17 2.77 3.17 ND
Apr-17 3.52 3.31 2.87 3.17 ND
May-17 3.43 3.39 2.88 3.17 ND
Jun-17 3.41 3.54 2.89 3.17 ND
Jul-17 3.39 3.64 2.93 3.12 ND
Aug-17 3.46 3.71 2.9 3.03 ND
Sep-17 3.37 3.75 2.88 2.93 ND
Oct-17 3.37 3.75 2.97 2.88 ND
Nov-17 3.31 3.79 3.21 2.9 ND
Dec-17 3.36 3.87 3.44 2.96 ND
Jan-18 3.38 3.88 3.38 2.99 1.84
Feb-18 3.3 3.75 3.34 2.95 1.94
Mar-18 3.37 3.65 3.09 2.93 2.32
Apr-18 3.46 3.56 3.15 3 2.4
May-18 3.48 3.55 3.11 3.21 2.18
Jun-18 3.43 3.57 3.23 3.51 2.25
Jul-18 3.46 3.6 3.26 3.84 2.43
Aug-18 3.41 3.73 3.35 4.1 3
Sep-18 3.37 3.77 3.36 4.26 3
Oct-18 3.34 3.87 3.26 4.34 3.11
Nov-18 3.39 3.95 3.26 4.34 3.13
Dec-18 3.28 4.03 3.33 4.29 3.33
Jan-19 3.25 4 3.44 4.26 3.43
Feb-19 3.35 3.98 3.36 4.3 3.62
Mar-19 3.38 3.95 3.26 4.37 3.4
Apr-19 3.42 3.97 3.06 4.37 3.37
May-19 3.41 3.99 3.04 4.26 3.15
Jun-19 3.5 4.02 2.95 4.04 3.03
Jul-19 3.46 4.03 3 3.79 2.92
Aug-19 3.42 3.97 2.99 3.58 2.73
Sep-19 3.5 3.94 3.04 3.44 2.64
Oct-19 3.41 3.91 2.95 3.36 2.47
Nov-19 3.36 3.84 2.92 3.35 2.3
Dec-19 3.38 3.81 2.93 3.39 2.4
Jan-20 3.46 3.83 2.9 3.37 2.49
Feb-20 3.4 3.97 2.97 3.13 2.48
Mar-20 3.32 3.86 2.95 2.57 2.37
Apr-20 3.17 3.14 2.43 1.76 1
May-20 3.16 2.15 1.88 0.86 -0.54
Jun-20 2.93 1.31 1.75 0 -1.78
Jul-20 2.88 1.1 2.4 -0.73 -1.95
Aug-20 2.77 0.98 3.18 -1.27 -1.77
Sep-20 2.56 0.87 3.92 -1.59 -1.51
Oct-20 2.55 0.77 4.99 -1.7 -1.43
Nov-20 2.33 0.95 5.84 -1.69 -1.35
Dec-20 2.21 1.07 6.44 -1.65 -1.44
Jan-21 2.03 1.13 6.61 -1.55 -1.26
Feb-21 2.01 1.02 6.84 -1.23 -0.81
Mar-21 1.96 1.36 7.39 -0.46 0.18
Apr-21 1.98 2.79 8.44 0.84 2.42
May-21 2.03 4.94 9.76 2.62 5.42
Jun-21 2.23 7.26 10.98 4.71 8.61
Jul-21 2.3 9.19 11.41 6.9 11.2
Aug-21 2.45 11.21 11.85 8.97 13.69
Sep-21 2.78 13.07 12.2 10.74 15.96
Oct-21 3.02 14.52 12.32 12.12 17.39
Nov-21 3.41 15.36 12.16 13.18 18.03
Dec-21 3.68 16.07 12.12 14.03 17.99
Jan-22 4 16.39 12.51 14.81 17.94
Feb-22 4.27 17.04 12.94 15.5 17.71
Mar-22 4.51 17.01 13.3 15.96 17.1
Apr-22 4.79 16.93 13.61 16.06 16.46
May-22 5.12 16.13 13.35 15.71 15.41
Jun-22 5.56 15.25 12.59 14.9 14.11
Jul-22 5.95 14 11.84 13.73 12.19
Aug-22 6.41 12.48 10.54 12.35 9.83
Sep-22 6.82 11.02 9.29 10.96 7.54
Oct-22 7.05 9.82 ND 9.7 5.79

Note: Note: ApartmentList, CoreLogic, RealPage, and Zillow measure market rate rents – that is, rents for a new lease by a new tenant. October PCE (personal consumption expenditures) data are estimates based on October data from the consumer price index and the producer price index. The Zillow data start in March 2016, and the ApartmentList data start in January 2018.

Source: Source: ApartmentList; Bureau of Economic Analysis; Bureau of Labor Statistics; CoreLogic; RealPage; Zillow; staff estimates.

Figure 4. Labor force shortfall and labor force participation rate gap
Labor force shortfall

Quarterly
Millions

Period Observed labor force CBO, Jan. 2020
2019:Q4 165.73 165.73
2020:Q1 165.74 165.94
2020:Q2 159.82 166.17
2020:Q3 161.87 166.38
2020:Q4 162.14 166.59
2021:Q1 161.95 166.78
2021:Q2 162.47 166.96
2021:Q3 162.96 167.13
2021:Q4 163.54 167.3
2022:Q1 164.03 167.45
2022:Q2 164.15 167.6
2022:Q3 164.54 167.74
2022:Q4 ND 167.88

Note: All data are adjusted for population controls. In the left panel, the 'CBO, Jan. 2020' line appends the Congressional Budget Office's (CBO) January 2020 projected labor force growth over the years 2020-22 onto the level of the labor force in 2019:Q4 that is adjusted for population controls. In the right panel, data from 2016 through 2021 are from Robertson and Willis (2022) and are adjusted for the effects of population controls. Data from 2022 are published by the Bureau of Labor Statistics. The shaded bars indicate a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020. LFPR is labor force participation rate.

Source: Congressional Budget Office; Bureau of Labor Statistics; Robertson and Willis (2022); staff calculations.

Labor force participation rate gap

Monthly
Percent

Period LFPR, ages 16+
Jan-16 62.82
Feb-16 62.93
Mar-16 63.13
Apr-16 63.03
May-16 62.83
Jun-16 62.84
Jul-16 62.94
Aug-16 63.04
Sep-16 63.05
Oct-16 62.95
Nov-16 62.85
Dec-16 62.85
Jan-17 62.96
Feb-17 63.06
Mar-17 63.06
Apr-17 63.16
May-17 62.97
Jun-17 62.97
Jul-17 63.07
Aug-17 63.07
Sep-17 63.28
Oct-17 62.88
Nov-17 62.88
Dec-17 62.88
Jan-18 62.89
Feb-18 63.19
Mar-18 63.09
Apr-18 63.09
May-18 63.1
Jun-18 63.1
Jul-18 63.1
Aug-18 62.9
Sep-18 62.91
Oct-18 63.11
Nov-18 63.11
Dec-18 63.21
Jan-19 63.32
Feb-19 63.32
Mar-19 63.32
Apr-19 63.12
May-19 63.13
Jun-19 63.13
Jul-19 63.33
Aug-19 63.34
Sep-19 63.44
Oct-19 63.44
Nov-19 63.44
Dec-19 63.55
Jan-20 63.65
Feb-20 63.65
Mar-20 62.95
Apr-20 60.44
May-20 61.05
Jun-20 61.65
Jul-20 61.76
Aug-20 61.96
Sep-20 61.66
Oct-20 61.86
Nov-20 61.77
Dec-20 61.77
Jan-21 61.67
Feb-21 61.77
Mar-21 61.78
Apr-21 61.98
May-21 61.88
Jun-21 61.88
Jul-21 61.99
Aug-21 61.99
Sep-21 61.99
Oct-21 62
Nov-21 62.2
Dec-21 62.2
Jan-22 62.2
Feb-22 62.3
Mar-22 62.4
Apr-22 62.2
May-22 62.3
Jun-22 62.2
Jul-22 62.1
Aug-22 62.4
Sep-22 62.3
Oct-22 62.2

Note: All data are adjusted for population controls. In the left panel, the 'CBO, Jan. 2020' line appends the Congressional Budget Office's (CBO) January 2020 projected labor force growth over the years 2020-22 onto the level of the labor force in 2019:Q4 that is adjusted for population controls. In the right panel, data from 2016 through 2021 are from Robertson and Willis (2022) and are adjusted for the effects of population controls. Data from 2022 are published by the Bureau of Labor Statistics. The shaded bars indicate a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020. LFPR is labor force participation rate.

Source: Congressional Budget Office; Bureau of Labor Statistics; Robertson and Willis (2022); staff calculations.

Figure 5. Jobs-worker gap

Monthly
Millions

Period Available jobs (job openings + employment) Available workers (labor force)
Jan-80 105.34 107.06
Feb-80 105.34 107.21
Mar-80 104.95 106.96
Apr-80 104.4 107.12
May-80 103.56 107.46
Jun-80 102.95 107.32
Jul-80 103.13 107.71
Aug-80 103.18 107.66
Sep-80 103.46 107.66
Oct-80 103.88 107.98
Nov-80 104.13 108.15
Dec-80 104.41 107.94
Jan-81 104.57 108.63
Feb-81 104.72 108.85
Mar-81 105.18 109.17
Apr-81 105.66 109.55
May-81 105.65 109.86
Jun-81 104.86 109.04
Jul-81 105.29 109.21
Aug-81 105.26 109.38
Sep-81 104.6 108.96
Oct-81 104.71 109.7
Nov-81 104.33 109.92
Dec-81 103.76 109.6
Jan-82 103.64 109.79
Feb-82 103.7 110.18
Mar-82 103.48 110.28
Apr-82 103.3 110.55
May-82 103.71 111.19
Jun-82 103.12 110.83
Jul-82 102.9 111.1
Aug-82 102.91 111.28
Sep-82 102.71 111.49
Oct-82 102.29 111.52
Nov-82 102.19 111.84
Dec-82 102.12 111.88
Jan-83 102.36 111.5
Feb-83 102.33 111.44
Mar-83 102.42 111.4
Apr-83 102.89 111.65
May-83 103.05 111.63
Jun-83 104.3 112.73
Jul-83 104.89 112.61
Aug-83 105.48 113.1
Sep-83 105.96 113.18
Oct-83 106.05 112.81
Nov-83 107.07 113.12
Dec-83 107.36 113.23
Jan-84 107.72 113.12
Feb-84 108.45 113.53
Mar-84 108.78 113.64
Apr-84 109.16 114.04
May-84 110.21 114.6
Jun-84 110.68 114.78
Jul-84 110.62 114.94
Aug-84 110.43 114.66
Sep-84 110.6 114.84
Oct-84 110.87 115.01
Nov-84 111.24 115.17
Dec-84 111.44 115.6
Jan-85 111.72 115.75
Feb-85 111.86 115.91
Mar-85 112.33 116.38
Apr-85 112.41 116.39
May-85 112.28 116.3
Jun-85 111.96 116.03
Jul-85 112.26 116.4
Aug-85 112.53 116.38
Sep-85 113.12 117.01
Oct-85 113.41 117.26
Nov-85 113.5 117.25
Dec-85 113.8 117.48
Jan-86 114.37 117.82
Feb-86 113.95 118.03
Mar-86 114.31 118.38
Apr-86 114.4 118.49
May-86 114.57 118.71
Jun-86 114.99 119.28
Jul-86 115.52 119.33
Aug-86 115.53 119.36
Sep-86 115.66 119.62
Oct-86 115.91 119.75
Nov-86 116.1 119.88
Dec-86 116.56 119.86
Jan-87 116.53 120.11
Feb-87 116.79 120.4
Mar-87 117.22 120.55
Apr-87 117.83 120.63
May-87 118.44 121.32
Jun-87 118.39 120.96
Jul-87 118.78 121.23
Aug-87 119.22 121.66
Sep-87 119.32 121.35
Oct-87 119.67 121.87
Nov-87 119.97 121.91
Dec-87 120.33 122.11
Jan-88 120.33 122.36
Feb-88 120.42 122.55
Mar-88 120.31 122.32
Apr-88 121.06 122.67
May-88 120.68 122.49
Jun-88 121.43 122.91
Jul-88 121.43 123.11
Aug-88 121.76 123.59
Sep-88 121.87 123.43
Oct-88 121.92 123.69
Nov-88 122.68 124.13
Dec-88 122.53 124.12
Jan-89 123.26 124.91
Feb-89 123.19 124.66
Mar-89 123.43 124.76
Apr-89 123.38 125.11
May-89 123.66 125.03
Jun-89 123.75 125.57
Jul-89 123.61 125.55
Aug-89 123.89 125.76
Sep-89 123.56 125.54
Oct-89 123.76 125.82
Nov-89 124.23 126.26
Dec-89 123.96 126.13
Jan-90 124.49 126.43
Feb-90 124.42 126.32
Mar-90 124.36 126.42
Apr-90 124.01 126.28
May-90 124.25 126.54
Jun-90 123.99 126.24
Jul-90 123.77 126.42
Aug-90 123.78 126.69
Sep-90 123.34 126.61
Oct-90 123.21 126.73
Nov-90 122.78 126.82
Dec-90 122.46 126.91
Jan-91 122.17 126.74
Feb-91 121.74 126.82
Mar-91 121.54 127.06
Apr-91 121.95 127.39
May-91 121.28 127.03
Jun-91 121.48 127.2
Jul-91 121.48 127.04
Aug-91 121.29 127.05
Sep-91 121.7 127.57
Oct-91 121.62 127.58
Nov-91 121.47 127.66
Dec-91 121.23 127.63
Jan-92 121.78 128.25
Feb-92 121.42 128.21
Mar-92 121.94 128.63
Apr-92 122.39 128.89
May-92 122.25 129.18
Jun-92 122.41 129.54
Jul-92 122.68 129.67
Aug-92 122.79 129.73
Sep-92 122.77 129.64
Oct-92 122.6 129.17
Nov-92 122.92 129.61
Dec-92 123.16 129.74
Jan-93 123.26 129.6
Feb-93 123.4 129.68
Mar-93 123.81 129.83
Apr-93 123.73 129.84
May-93 124.39 130.54
Jun-93 124.72 130.71
Jul-93 124.83 130.71
Aug-93 125.35 130.95
Sep-93 125.14 130.61
Oct-93 125.35 130.94
Nov-93 125.89 131.09
Dec-93 126.23 131.34
Jan-94 126.21 131.18
Feb-94 126.47 131.27
Mar-94 126.5 131.02
Apr-94 126.93 131.26
May-94 127.52 131.43
Jun-94 127.47 131.23
Jul-94 127.45 131.34
Aug-94 128.32 131.98
Sep-94 128.52 132.15
Oct-94 129.01 132.49
Nov-94 129.71 132.65
Dec-94 129.87 132.73
Jan-95 130 132.83
Feb-95 130.11 132.93
Mar-95 130.17 132.94
Apr-95 130.07 133.44
May-95 129.63 132.71
Jun-95 129.43 132.83
Jul-95 129.8 133.24
Aug-95 130.08 133.25
Sep-95 130.34 133.55
Oct-95 130.62 133.67
Nov-95 130.5 133.58
Dec-95 130.26 133.5
Jan-96 130.72 133.62
Feb-96 130.98 133.97
Mar-96 131.12 134.22
Apr-96 131.39 134.47
May-96 131.56 134.74
Jun-96 131.78 134.79
Jul-96 132.55 135.4
Aug-96 132.52 135.19
Sep-96 132.92 135.67
Oct-96 133.53 136.09
Nov-96 133.21 136.2
Dec-96 133.68 136.32
Jan-97 133.92 136.5
Feb-97 133.91 136.46
Mar-97 134.66 136.92
Apr-97 134.83 137.01
May-97 135.08 137.08
Jun-97 134.78 137.2
Jul-97 135.64 137.49
Aug-97 135.59 137.55
Sep-97 135.68 137.61
Oct-97 136.07 137.55
Nov-97 136.46 137.9
Dec-97 136.84 138.13
Jan-98 136.89 138.38
Feb-98 137.19 138.41
Mar-98 137.35 138.54
Apr-98 137.72 138.46
May-98 137.87 138.7
Jun-98 137.82 138.79
Jul-98 137.81 138.94
Aug-98 137.9 138.93
Sep-98 138.6 139.66
Oct-98 138.4 139.66
Nov-98 138.65 139.77
Dec-98 139.26 140.04
Jan-99 139.54 140.36
Feb-99 139.73 140.34
Mar-99 139.92 140.11
Apr-99 139.71 140.35
May-99 140.04 140.51
Jun-99 140.21 140.74
Jul-99 140.02 140.86
Aug-99 140.31 140.86
Sep-99 140.46 141.06
Oct-99 140.59 141.22
Nov-99 141.15 141.49
Dec-99 141.34 141.65
Jan-00 142.04 142.27
Feb-00 142.38 142.46
Mar-00 142.59 142.43
Apr-00 143.01 142.7
May-00 142.38 142.32
Jun-00 142.3 142.5
Jul-00 141.78 142.18
Aug-00 142.01 142.41
Sep-00 141.91 142.4
Oct-00 142.27 142.5
Nov-00 142.52 142.88
Dec-00 142.63 143.17
Jan-01 142.82 143.74
Feb-01 142.77 143.62
Mar-01 142.79 143.83
Apr-01 141.96 143.46
May-01 141.6 143.2
Jun-01 141.18 143.23
Jul-01 141.3 143.51
Aug-01 140.54 143.13
Sep-01 140.71 143.82
Oct-01 140.29 143.9
Nov-01 139.75 144.03
Dec-01 139.62 144.08
Jan-02 139.17 143.66
Feb-02 139.93 144.43
Mar-02 139.41 144.26
Apr-02 139.53 144.49
May-02 139.79 144.7
Jun-02 139.65 144.57
Jul-02 139.59 144.54
Aug-02 139.82 144.73
Sep-02 140.55 145.26
Oct-02 140.03 145.01
Nov-02 139.72 144.73
Dec-02 139.64 144.74
Jan-03 139.66 144.96
Feb-03 139.94 145.06
Mar-03 139.62 144.92
Apr-03 139.64 145.31
May-03 139.54 145.32
Jun-03 139.93 145.83
Jul-03 139.69 145.23
Aug-03 139.32 145.16
Sep-03 139.56 145.22
Oct-03 139.82 145.38
Nov-03 140.45 145.64
Dec-03 140.42 145.33
Jan-04 140.94 145.84
Feb-04 140.99 145.68
Mar-04 141 145.9
Apr-04 141.21 145.79
May-04 141.36 146
Jun-04 141.86 146.38
Jul-04 141.86 146.6
Aug-04 142.33 146.45
Sep-04 141.95 146.28
Oct-04 142.46 146.64
Nov-04 143.06 146.99
Dec-04 142.47 146.87
Jan-05 143.23 146.88
Feb-05 143.08 147.2
Mar-05 143.5 147.21
Apr-05 144.18 147.75
May-05 144.64 148.07
Jun-05 144.37 148.03
Jul-05 144.94 148.22
Aug-05 145.52 148.55
Sep-05 145.36 148.7
Oct-05 145.7 148.73
Nov-05 145.46 148.78
Dec-05 145.79 148.75
Jan-06 146.35 149.07
Feb-06 146.77 149.5
Mar-06 146.97 149.66
Apr-06 147.4 149.72
May-06 147.77 149.9
Jun-06 147.7 150.18
Jul-06 147.7 150.2
Aug-06 147.89 150.52
Sep-06 148.39 150.47
Oct-06 148.92 150.84
Nov-06 148.99 151.21
Dec-06 149.49 151.54
Jan-07 149.36 151.79
Feb-07 149.54 151.63
Mar-07 149.74 151.7
Apr-07 149.26 151.08
May-07 149.29 151.3
Jun-07 149.41 151.66
Jul-07 149.44 151.66
Aug-07 148.94 151.34
Sep-07 149.44 151.99
Oct-07 149.24 151.74
Nov-07 149.86 152.39
Dec-07 149.54 152.46
Jan-08 150.13 153.23
Feb-08 149.98 152.81
Mar-08 149.56 153.06
Apr-08 149.55 152.92
May-08 149.12 153.44
Jun-08 149.11 153.45
Jul-08 148.52 153.59
Aug-08 148.1 153.74
Sep-08 147.88 153.66
Oct-08 147.13 153.94
Nov-08 146.57 153.69
Dec-08 145.68 153.69
Jan-09 144.79 153.69
Feb-09 143.86 154.01
Mar-09 143.04 153.6
Apr-09 142.65 153.96
May-09 142 154.19
Jun-09 142 154.15
Jul-09 141.84 153.93
Aug-09 141.16 153.73
Sep-09 140.59 153.25
Oct-09 140.34 153.19
Nov-09 140.48 153.28
Dec-09 139.93 152.51
Jan-10 140.66 153.13
Feb-10 141.07 153.34
Mar-10 141.06 153.59
Apr-10 141.63 154.27
May-10 142.07 153.77
Jun-10 141.82 153.31
Jul-10 141.69 153.4
Aug-10 142.25 153.82
Sep-10 142.13 153.72
Oct-10 141.8 153.4
Nov-10 142.06 153.92
Dec-10 142.31 153.46
Jan-11 142.61 153.61
Feb-11 142.82 153.58
Mar-11 143.21 153.77
Apr-11 143.22 153.97
May-11 143.28 153.93
Jun-11 142.98 153.82
Jul-11 143.43 153.8
Aug-11 144.03 154.29
Sep-11 144.01 154.69
Oct-11 144.67 154.55
Nov-11 144.99 154.74
Dec-11 145.05 154.65
Jan-12 145.75 154.81
Feb-12 146.19 155.12
Mar-12 146.09 155.22
Apr-12 146.34 155.04
May-12 146.48 155.38
Jun-12 146.72 155.62
Jul-12 146.72 155.5
Aug-12 146.56 155.34
Sep-12 147.41 155.76
Oct-12 147.89 156.17
Nov-12 147.71 155.98
Dec-12 147.83 156.3
Jan-13 147.77 156.31
Feb-13 147.8 155.87
Mar-13 147.84 155.56
Apr-13 148.24 155.96
May-13 148.41 156.12
Jun-13 148.7 156.35
Jul-13 148.98 156.21
Aug-13 148.8 156.24
Sep-13 149.12 156.35
Oct-13 148.29 155.34
Nov-13 149.35 155.96
Dec-13 149.57 155.9
Jan-14 149.95 156.08
Feb-14 149.95 156.22
Mar-14 150.73 156.79
Apr-14 150.78 156.14
May-14 151.13 156.48
Jun-14 151.76 156.52
Jul-14 152.15 156.83
Aug-14 152.18 156.99
Sep-14 152.95 156.92
Oct-14 153.2 157.33
Nov-14 153.3 157.43
Dec-14 153.36 157.29
Jan-15 153.88 157.67
Feb-15 154 157.29
Mar-15 154.2 157.29
Apr-15 154.34 157.72
May-15 155.05 158.33
Jun-15 155.03 157.75
Jul-15 154.74 157.7
Aug-15 155.92 157.89
Sep-15 154.98 157.46
Oct-15 155.44 157.91
Nov-15 155.96 158.22
Dec-15 156.58 158.81
Jan-16 157.05 158.86
Feb-16 157.52 159.23
Mar-16 157.56 159.78
Apr-16 157.79 159.76
May-16 157.53 159.4
Jun-16 157.59 159.59
Jul-16 157.9 159.83
Aug-16 158.34 160.19
Sep-16 158.04 160.35
Oct-16 158.27 160.24
Nov-16 158.15 160.14
Dec-16 158.74 160.31
Jan-17 159.23 160.78
Feb-17 159.21 161.03
Mar-17 160.11 161.31
Apr-17 160.2 161.53
May-17 160.3 161.26
Jun-17 160.3 161.39
Jul-17 161.04 161.67
Aug-17 160.9 161.79
Sep-17 161.73 162.35
Oct-17 161.09 161.52
Nov-17 161.38 161.79
Dec-17 161.35 161.76
Jan-18 161.67 161.86
Feb-18 162.68 162.7
Mar-18 162.7 162.61
Apr-18 162.99 162.65
May-18 163.4 162.72
Jun-18 163.54 163.01
Jul-18 164.15 163.12
Aug-18 163.49 162.49
Sep-18 163.96 162.84
Oct-18 164.4 163.32
Nov-18 164.73 163.52
Dec-18 165.07 163.92
Jan-19 165.28 164.35
Feb-19 165.68 164.37
Mar-19 165.14 164.29
Apr-19 165.27 163.89
May-19 165.3 164.05
Jun-19 165.63 164.28
Jul-19 165.84 164.72
Aug-19 166.07 165.02
Sep-19 166.61 165.27
Oct-19 166.67 165.59
Nov-19 167.14 165.69
Dec-19 166.89 165.9
Jan-20 167.14 166.28
Feb-20 167.77 166.38
Mar-20 164.33 164.55
Apr-20 140.88 158.13
May-20 143.49 159.83
Jun-20 149.23 161.5
Jul-20 151.31 161.63
Aug-20 155.31 162.28
Sep-20 155.36 161.69
Oct-20 157.66 162.34
Nov-20 158.05 162
Dec-20 158.09 162.08
Jan-21 158.44 161.75
Feb-21 159.1 161.92
Mar-21 160.28 162.18
Apr-21 161.2 162.5
May-21 162.26 162.31
Jun-21 162.69 162.62
Jul-21 164.01 162.88
Aug-21 165.41 163.02
Sep-21 165.89 162.98
Oct-21 166.37 163.13
Nov-21 167.9 163.67
Dec-21 168.37 163.83
Jan-22 168.62 163.69
Feb-22 169.01 163.99
Mar-22 169.8 164.41
Apr-22 169.96 164.05
May-22 170.11 164.38
Jun-22 169.41 164.02
Jul-22 169.33 163.96
Aug-22 169.9 164.75
Sep-22 169.22 164.69
Oct-22 169.33 164.67

Note: The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: January 1980-July 1980; July 1981-November 1982; July 1990-March 1991; March 2001-November 2001; December 2007-June 2009; February 2020-April 2020.

Source: Census Bureau, Current Population Survey; Bureau of Labor Statistics, Job Openings and Labor Turnover Survey.

Figure 6. Wage growth

Quarterly
Percent change from a year earlier

Period Employment Cost Index
2014:Q1 1.7
2014:Q2 2.02
2014:Q3 2.27
2014:Q4 2.35
2015:Q1 2.75
2015:Q2 1.9
2015:Q3 1.89
2015:Q4 1.88
2016:Q1 1.79
2016:Q2 2.35
2016:Q3 2.26
2016:Q4 2.17
2017:Q1 2.31
2017:Q2 2.38
2017:Q3 2.52
2017:Q4 2.59
2018:Q1 2.81
2018:Q2 2.86
2018:Q3 2.92
2018:Q4 2.99
2019:Q1 2.81
2019:Q2 2.63
2019:Q3 2.69
2019:Q4 2.68
2020:Q1 2.8
2020:Q2 2.71
2020:Q3 2.4
2020:Q4 2.61
2021:Q1 2.8
2021:Q2 3.07
2021:Q3 4.05
2021:Q4 4.38
2022:Q1 4.82
2022:Q2 5.54
2022:Q3 5.19

Monthly
Percent change from a year earlier

Period Average Hourly Earnings Atlanta Wage Tracker (median)
Jan-14 1.89 2.3
Feb-14 2.31 2.5
Mar-14 2.1 2.4
Apr-14 1.97 2.3
May-14 2.13 2.3
Jun-14 2 2.3
Jul-14 2.09 2.4
Aug-14 2.21 2.4
Sep-14 2.08 2.6
Oct-14 2.03 2.8
Nov-14 2.03 2.9
Dec-14 1.99 2.9
Jan-15 2.15 3
Feb-15 1.89 3
Mar-15 2.18 3.2
Apr-15 2.26 3.3
May-15 2.3 3.3
Jun-15 2.17 3.2
Jul-15 2.17 3.1
Aug-15 2.2 3.1
Sep-15 2.24 3
Oct-15 2.52 2.9
Nov-15 2.39 3.1
Dec-15 2.52 3.1
Jan-16 2.55 3.1
Feb-16 2.46 3.2
Mar-16 2.46 3.2
Apr-16 2.57 3.4
May-16 2.44 3.5
Jun-16 2.6 3.6
Jul-16 2.72 3.4
Aug-16 2.47 3.3
Sep-16 2.63 3.6
Oct-16 2.7 3.9
Nov-16 2.65 3.9
Dec-16 2.65 3.5
Jan-17 2.64 3.2
Feb-17 2.72 3.2
Mar-17 2.59 3.4
Apr-17 2.51 3.5
May-17 2.5 3.4
Jun-17 2.46 3.2
Jul-17 2.57 3.3
Aug-17 2.53 3.4
Sep-17 2.79 3.6
Oct-17 2.36 3.4
Nov-17 2.43 3.2
Dec-17 2.74 2.9
Jan-18 2.69 3
Feb-18 2.57 2.9
Mar-18 2.83 3.3
Apr-18 2.75 3.3
May-18 2.9 3.2
Jun-18 2.93 3.2
Jul-18 2.85 3.3
Aug-18 3.19 3.5
Sep-18 3.1 3.5
Oct-18 3.28 3.7
Nov-18 3.35 3.9
Dec-18 3.41 3.8
Jan-19 3.25 3.8
Feb-19 3.55 3.4
Mar-19 3.54 3.5
Apr-19 3.31 3.6
May-19 3.26 3.7
Jun-19 3.37 3.9
Jul-19 3.43 3.9
Aug-19 3.38 3.7
Sep-19 3.08 3.6
Oct-19 3.18 3.5
Nov-19 3.35 3.7
Dec-19 2.94 3.7
Jan-20 3.01 3.8
Feb-20 3.1 3.7
Mar-20 3.56 3.5
Apr-20 8.03 3.3
May-20 6.68 3.5
Jun-20 5.08 3.8
Jul-20 4.92 3.9
Aug-20 4.8 3.5
Sep-20 4.83 3.5
Oct-20 4.61 3.5
Nov-20 4.59 3.7
Dec-20 5.46 3.4
Jan-21 5.28 3.4
Feb-21 5.18 3.4
Mar-21 4.41 3.4
Apr-21 0.63 3.2
May-21 2.19 3
Jun-21 3.95 3.2
Jul-21 4.28 3.7
Aug-21 4.34 3.9
Sep-21 4.78 4.2
Oct-21 5.35 4.1
Nov-21 5.33 4.3
Dec-21 4.88 4.5
Jan-22 5.45 5.1
Feb-22 5.19 5.8
Mar-22 5.62 6
Apr-22 5.5 6
May-22 5.34 6.1
Jun-22 5.21 6.7
Jul-22 5.22 6.7
Aug-22 5.2 6.7
Sep-22 4.98 6.3
Oct-22 4.73 6.4

Source: Bureau of Labor Statistics; Federal Reserve Bank of Atlanta.

Last Update: November 30, 2022