Average Hourly Earnings Growth vs Industrial Production Index (Monthly Change)
Average Hourly Earnings Growth is currently 3.8% (down -0.2%). Industrial Production Index (Monthly Change) is currently -0.3% (down -1.0%).
| Metric | Average Hourly Earnings Growth | Industrial Production Index (Monthly Change) |
|---|---|---|
| Current value | 3.8% | -0.3% |
| Previous reading | 4% | 0.7% |
| Change | -0.2% | -1.0% |
| Trend | down | down |
| Frequency | Monthly | Monthly |
| Source | Bureau of Labor Statistics | Federal Reserve |
| Last updated | 2026-04-04 | 2026-03-18 |
| Category | employment | growth |
What Average Hourly Earnings Growth measures
Average hourly earnings measures the year-over-year percentage change in wages for all private-sector employees. It is a key indicator of labor cost pressures and consumer spending power.
Wage growth at 3.8% year-over-year outpaces current inflation, meaning workers are gaining real purchasing power. For executives, this signals continued pressure on labor budgets — compensation packages must grow to retain talent. However, wage growth moderating from 4%+ suggests the worst of the post-pandemic wage spiral may be easing.
What Industrial Production Index (Monthly Change) measures
The Industrial Production Index measures the real output of manufacturing, mining, and electric and gas utilities. It is a coincident indicator that moves with the business cycle and reflects the goods-producing sector of the economy.
Industrial production fell 0.3% in March after strong February gains. Manufacturing, which accounts for about 75% of the index, has been volatile as companies adjust inventory levels. For executives in manufacturing and industrial sectors, the mixed readings suggest uneven demand rather than a clear downturn. The services sector remains the primary driver of U.S. economic growth.
Frequently asked
Average Hourly Earnings Growth is currently 3.8%, down -0.2% from the previous reading. Source: Bureau of Labor Statistics, updated monthly.
Industrial Production Index (Monthly Change) is currently -0.3%, down -1.0% from the previous reading. Source: Federal Reserve, updated monthly.
Wage growth at 3.8% year-over-year outpaces current inflation, meaning workers are gaining real purchasing power. For executives, this signals continued pressure on labor budgets — compensation packag Industrial production fell 0.3% in March after strong February gains. Manufacturing, which accounts for about 75% of the index, has been volatile as companies adjust inventory levels. For executives i