Computed by stonks: nominal average hourly earnings (series us-average-hourly-earnings) deflated by US CPI-U (series us-cpi) to constant 2025 dollars. Real value = nominal × (2025 average CPI ÷ CPI at or before the observation date), both series monthly so alignment is typically exact-month, step-aligned (never interpolated) when publication dates differ. Fixed 2025 base year. This is the standard 'real wage' series: whether earnings are keeping pace with inflation.