Real average hourly earnings up 0.2% in August
by September 19, 2018 11:36 am 142 views
Real average hourly earnings for all employees on private nonfarm payrolls increased 0.2% in August, from the same month in 2017, according to the Bureau of Labor Statistics. The change in real hourly earnings along with a 0.3% increase in the average workweek led to a 0.5% increase in real average weekly earnings.
Real average hourly earnings declined 0.1% for production and nonsupervisory employees. The change in earnings along with a 0.6% increase in the average workweek led to a 0.5% rise in real average weekly earnings.
CONSUMER PRICES
The Consumer Price Index for All Urban Consumers increased 2.7% in August, from the same month in 2017, according to the Bureau of Labor Statistics. The index rose 2.9% in July, from the same month in 2017.
The Consumer Price Index measures the average change in prices paid by urban consumers for a market basket of consumer goods and services. The all urban consumers group represents about 93% of the total U.S. population.
Prices for food, which had a relative weight importance of 13.2%, rose 1.4% in August, from the same month in 2017. Prices for food at home increased 0.5%. Prices for meats, poultry, fish and eggs increased 1.1%, and was the largest increase of the six major groups of grocery store foods. Prices for food away from home rose 2.6%.
Prices for energy, which had a relative weight importance of 8.1%, increased 10.2% in August, from the same month in 2017. Motor fuel prices, which include gasoline, rose 20.3%, and fuel oil prices increased 30.9%. Electricity prices fell 0.5%.
Prices for all items, excluding food and energy, which accounted for 78.7% of consumer spending, increased 2.2% in August, from the same month in 2017. Shelter prices increased 3.4%, prices for medical care rose 1.9% and transportation services prices rose 3.9%.
PRODUCER PRICES
The Producer Price Index for final demand rose 2.8% in August, from the same month in 2017, according to the Bureau of Labor Statistics. From January to August, final demand prices have increased 2.4%, from the same period in 2017.
The producer price indexes measure the prices that U.S. producers receive for goods, services and construction.
Prices for final demand, excluding foods, energy and trade services, increased 2.9% in August, from the same month in 2017. Prices for goods increased 3.9%, and prices for services increased 2.2%.