Where’s the Great American Pay Raise? New Numbers Cast Doubt

US weekly wages fell in 2022, according to new Bureau of Labor Statistics figures, revealing widespread softness that wasn’t previously evident in other data.

Average weekly wages were $1,385 in the fourth quarter of last year, a rare 2.3% decline from the same period in 2021, the latest results from the Quarterly Census of Employment and Wages, published Wednesday, showed. The 2022 drop followed a 5.9% increase the year before.

The QCEW figures differ from other government measures of wages in that they include things like bonuses, stock options and severance pay. They’re also used to revise more timely, ...