FX.co ★ U.S. Wage Growth Cools in May as Average Hourly Earnings Ease to 3.4% YoY

Year‑over‑year wage growth in the United States slowed in May 2026, as Average Hourly Earnings rose 3.4% compared with the same month a year earlier. This marks a step down from April 2026, when annual wage growth stood at 3.6%, according to data updated on 5 June 2026.

The figures show that pay gains are still positive but losing some momentum on an annual basis. The “actual” May reading reflects the change in wages versus May of the previous year, while the “previous” April figure captures the year‑over‑year change in that earlier month. The slight deceleration from 3.6% to 3.4% suggests a modest cooling in wage pressures heading into the middle of 2026.