Year-over-year percentage income growth (3-month moving average)
A line chart spanning January 2007 through September 2025 compares year-on-year percentage income growth (3-month moving average) for two groups: Hourly workers and salaried workers.
Two shaded gray bands indicate recession periods: one around 2008–2009 and another around 2020–2021.
Both lines start near 4% in early 2007.
During the 2008–2009 recession, hourly income growth dropped sharply to around 1% and then rebounded to above 4%. Over the same period, salaried income declined more moderately to around 2% and then rebounded to around 3%.
Following the 2020–2021 recession, hourly income growth dropped sharply to below 2% and then rebounded to above 6%. Over the same period, salaried income declined more moderately to below 3% and then rebounded to around 5%.
Both lines have been trending lower in recent years, although hourly wages have reversed that trend, rising to above 4% in recent months.