On a monthly basis, wages increased at a 2.4% annual rate in May, and April was revised up.

The graph shows the nominal year-over-year change in “Average Hourly Earnings” for all private employees. Nominal wage growth was at 2.5% YoY in May. This series is noisy, however overall wage growth is trending up.

Note: CPI has been running under 2%, so there has been real wage growth.