US private average hourly earnings were $38.00 in October 2026, up $0.14 from $37.86 in September. Over the past six months, the series rose from $37.49 to $38.00, with the latest monthly increase the largest in that period, suggesting wage pressure has not clearly cooled.
Average weekly hours were 34.4 in October, unchanged from September; the z-score was +2.1 (n=23), a near 24-period high. Average weekly earnings were $1,307.20, up $4.82 from $1,302.38; the z-score was +1.9, also a near 24-period high. With weekly hours not falling and weekly earnings at a high, the data do not support a clear cooling call and are more consistent with high-level stabilization or mild reheat at the margin.
If sustained, this combination could keep wage-sensitive services inflation and overall disinflation under pressure; on the labor-market side, elevated hours suggest demand has not weakened materially. However, only based on current data cannot confirm the reasons, and a single month may reflect noise; further hourly earnings, hours and weekly earnings data are needed.