U.S. wage growth eased in July 2026, with Average Hourly Earnings rising just 0.1% month-over-month, down from a 0.3% increase in June. The latest data, updated on 7 August 2026, point to a noticeable cooling in pay momentum compared with the previous month.
On a month-over-month basis, July’s figure reflects a slower pace of earnings growth than seen earlier in the summer. In June 2026, the 0.3% increase represented a stronger gain relative to the month before it, but July’s 0.1% print suggests a moderation in wage pressures. For markets and policymakers, the softer reading could signal some easing in labor-cost inflation as the U.S. economy moves through the third quarter.
