U.S. real average hourly earnings fell 0.2% in year to July 2026

Real average hourly earnings for all employees fell 0.2% from July 2025 to July 2026, the Bureau of Labor Statistics reported. Real means adjusted for inflation, so an hour's pay bought less. The BLS reading to June 2026 was up 0.1%. I read this as a narrow flip from slightly positive to slightly negative, not yet a trend.