US Wages Growth Slows to 0.3% MoM as Forecast

Average hourly earnings for all employees on US private nonfarm payrolls rose by 9 cents, or 0.2%, to $37.38 in March 2026, marking the smallest increase in three months. This followed 0.4% gains in both January and February and came in below market expectations of a 0.3% rise. Average hourly earnings of private-sector production and nonsupervisory employees edged up by 5 cents, or 0.2 percent, to $32.07. Year-on-year, average hourly earnings have increased by 3.5% in March, the least since May 2021, following a 3.8% rise in February and compared to forecasts of 3.7%.

Average hourly earnings for all employees on US private nonfarm payrolls rose by 15 cents, or 0.4%, over a month, to $37.32 in February 2026, matching January's pace and slightly above market forecasts of 0.3%. In February, average hourly earnings of private-sector production and nonsupervisory employees rose by 9 cents, or 0.3%, to $32.03. Over the past 12 months, average hourly earnings have increased by 3.8%, up from a 3.7% advance in January and also above market estimates of a 3.7% rise.

Average hourly earnings for all employees on US private nonfarm payrolls rose by 15 cents, or 0.4%, over a month to $37.17 in January 2026, after a downwardly revised 0.1% increase in December and slightly above analysts' estimates of a 0.3% gain. In January, average hourly earnings of private-sector production and nonsupervisory employees rose by 12 cents, or 0.4%, to $31.95. Over the past 12 months, average hourly earnings have increased by 3.7%, matching December's revised reading and above market forecasts of a 3.6% rise.