U.S. workers see median weekly earnings rise in fourth quarter of 2023

The U.S. Bureau of Labor Statistics released its latest report, revealing that median weekly earnings for the nation's full-time wage and salary workers increased to $1,145 in the fourth quarter of 2023. This figure represents a significant 5.5 percent increase from the previous year, outpacing the 3.2 percent rise in the Consumer Price Index for All Urban Consumers (CPI-U) over the same period.

The report, derived from the Current Population Survey, highlights notable disparities in earnings based on gender, race, and ethnicity. Women's median weekly earnings were recorded at $1,031, which is 83.8 percent of the $1,231 median for men. The earnings ratio between women and men varied across racial and ethnic groups, with White women earning 84.1 percent as much as their male counterparts, compared to 93.9 percent for Black women, 78.3 percent for Asian women, and 87.8 percent for Hispanic women.

Hispanic workers reported the lowest median earnings at $884, while Asian workers topped the list with $1,528. The data also showed a considerable gap in earnings between Black and White men, with Black men earning 80.2 percent of the median for White men.

Age-wise, the highest earnings were reported among men and women in the 35 to 64 age bracket, with men aged 35 to 44 earning a median of $1,403 weekly. The youngest workers, ages 16 to 24, earned the least, with median weekly earnings of $761 for men and $707 for women. The gender earnings gap was narrower among younger workers compared to those aged 55 and over.

Occupationally, the highest median weekly earnings were found in management, professional, and related occupations, with men earning $1,778 and women $1,380. Conversely, those employed in service occupations earned the least.

Education continues to play a critical role in earnings. Full-time workers aged 25 and over without a high school diploma had median weekly earnings of $713, while those with at least a bachelor's degree earned $1,608. Among college graduates with advanced degrees, the top 10 percent of male earners made $4,623 or more per week, outpacing their female counterparts who earned $3,443 or more.

The seasonally adjusted median weekly earnings also saw an increase in the fourth quarter of 2023, rising to $1,142 from $1,119 in the previous quarter.