According to ADP.
Last week, ADP released Pay Insights for September 2025.
ADP only reports nominal wages. My lead chart shows nominal and real wages, adjusted by the PCE Price index, the Fed’s preferred measure of inflation.
ADP data starts with November 2020. Real wages peaked in May of 2025.
Median and Real PCE-Adjusted Wages Percent Change Since 2021-05
** Male Nominal: +6.6 percent to 69,200.*
** Male Real: -9.4 percent to 54,366.*
** Female Nominal: +7.3 percent to 51,400.*
** Female Real: -8.8 percent to 40,382.*