Average Hourly Earnings Growth vs Nonfarm Payrolls (Monthly Change)
Average Hourly Earnings Growth is currently 3.8% (down -0.2%). Nonfarm Payrolls (Monthly Change) is currently 228K (up +111.0K).
| Metric | Average Hourly Earnings Growth | Nonfarm Payrolls (Monthly Change) |
|---|---|---|
| Current value | 3.8% | 228K |
| Previous reading | 4% | 117K |
| Change | -0.2% | +111.0K |
| Trend | down | up |
| Frequency | Monthly | Monthly |
| Source | Bureau of Labor Statistics | Bureau of Labor Statistics |
| Last updated | 2026-04-04 | 2026-04-04 |
| Category | employment | employment |
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 Nonfarm Payrolls (Monthly Change) measures
Nonfarm payrolls measure the net change in employment across all sectors except farming. It is the most closely watched indicator of labor market momentum and is released on the first Friday of each month.
The economy added 228,000 jobs in March, a strong rebound from February's 117,000. Economists generally consider 150,000+ jobs per month as healthy growth. For executives, strong payroll numbers confirm consumer spending capacity and may signal the Fed will maintain or raise interest rates. Sector breakdowns reveal which industries are expanding — critical for workforce planning and market sizing.
Frequently asked
Average Hourly Earnings Growth is currently 3.8%, down -0.2% from the previous reading. Source: Bureau of Labor Statistics, updated monthly.
Nonfarm Payrolls (Monthly Change) is currently 228K, up +111.0K from the previous reading. Source: Bureau of Labor Statistics, 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 The economy added 228,000 jobs in March, a strong rebound from February's 117,000. Economists generally consider 150,000+ jobs per month as healthy growth. For executives, strong payroll numbers confi