In This Release Is Embargoed — 2003-03-21

Real average weekly earnings decreased by 0.5 percent from January to February after seasonal adjustment, according to preliminary data released today by the Bureau of Labor Statistics of the U.S. Department of Labor. A 0.7 percent increase in average hourly earnings was offset by a 0.6 percent decline in average weekly hours and a 0.7 percent increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Data on average weekly earnings are collected from the payroll reports of private nonfarm establishments. Earnings of both full-time and part-time workers holding production or nonsupervisory jobs are included. Real average weekly earnings are calculated by adjusting earnings in current dollars for changes in the CPI-W. Average weekly earnings rose by 2.9 percent, seasonally adjusted, from February 2002 to February 2003. After deflation by the CPI-W, average weekly earnings declined by 0.1 percent.