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Investing February 23, 2005
Average Weekly Earnings Fall in January
February 23, 2005 (PLANSPONSOR.com) - Average weekly
earnings fell 0.2% from December to January, according to
figures from the Bureau of Labor Statistics of the US
Department of Labor (DoL).
Reported by Kip McDaniel
The overall fall in weekly earnings was the result of a 0.2% increase in wages being offset by a 0.3% fall in the average weekly hours worked. A 0.1% increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was also seen and contributed to the overall figure, according to a news release from the DoL.
In December, the average weekly earnings rose 0.5%, riding on the back of a 0.3% increase in the average weekly hours worked (See Average Weekly Earnings Jump 0.5% in December ).
Year-over-year weekly earnings from January 2004 to January 2005 rose 2.3%, seasonally adjusted, according to the DoL. However, after deflation of the CPI-W on the year, average weekly earnings decreased by 0.7%.
Before adjusting for inflation and seasonal change, the average weekly earnings in January were $538.86, up from $517.82 a year ago.
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