Employee earnings fall 0.2%, workweek rises 0.3% in July

by Talk Business & Politics staff (staff2@talkbusiness.net) 39 views 

Real average hourly earnings for all employees declined 0.2% in July, from the same month in 2017, according to the Bureau of Labor Statistics. The decline in real average hourly earnings combined with a 0.3% increase in the average workweek led to a 0.1% increase in real average weekly earnings in July, from the same month in 2017.

Real average hourly earnings for production and nonsupervisory employees declined 0.4%, seasonally adjusted, in July, from the same month in 2017. The decline in real average hourly earnings combined with a 0.3% increase in the average workweek led to a 0.1% decrease in real average weekly earnings.

CONSUMER PRICE INDEX RISES
Between June and July, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2%, seasonally adjusted, after rising 0.1% in June, according to the BLS. Before seasonal adjustment, the all items index rose 2.9% in July, from the same month in 2017.

Between June and July, the shelter index rose 0.3%, accounting for almost 60% of the seasonally adjusted increase in the all items index. The food index rose slightly in July, while indexes were mixed for major grocery store food groups. The energy index declined 0.5%, and all major components of the index fell.

Excluding food and energy, the all items index rose 0.2% in July, the same increase as in June and May. Other indexes that increased in July included those for used cars and trucks, airline fares, new vehicles, household furnishings and operations and recreation. Indexes declined for medical car and apparel.

The all items index, excluding food and energy, rose 2.4% in July, from the same month in 2017. It was the largest increase over 12 months since the period ending September 2008. The food index rose 1.4%, and the energy index rose 12.1%

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