The U.S. Bureau of Labor Statistics (BLS) last week reported that average hourly earnings increased 0.4 percent from November to December 2020. The increase stems from an increase of 0.8 percent in hourly earnings coupled with a 0.4 percent rise in the Consumer Price Index (CPI). Year over year, average hourly earnings increased 3.7 percent from December 2019 to December 2020. In addition, the BLS reported yesterday that median weekly earnings for the nation’s 111.5 million full-time and salary workers were $984 for the fourth quarter of 2020, an increase of 5.1 percent higher than a year earlier. For the same period, the CPI had increased 1.2 percent over the prior year.