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Real median weekly earnings dropped in the third quarter to their lowest level since the second quarter of 2024 as prices continued to rise sharply and nominal earnings also declined quarter-on-quarter.
E.J. Antoni noted that, although there was a brief increase in real median weekly earnings above the level from the fourth quarter of 2020 in the second quarter, the trend reversed in the third quarter as inflation and falling nominal earnings contributed to the decrease.
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Antoni has previously highlighted that CPI rent prices are lagging and do not reflect recent declines in real-world rent inflation. He also reported that private oil stocks fell by nearly 3.2 million barrels last week even as U.S. SPR withdrawals slowed. These recent observations contribute to ongoing analyses of key economic indicators.