Real Earnings

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                                           TRANSMISSION OF MATERIAL
                                           IN THIS RELEASE IS EMBARGOED
                                           UNTIL 8:30 AM EST, WEDNESDAY,
                                           NOVEMBER 17, 2004
  
                          REAL EARNINGS IN OCTOBER 2004
 
     Real average weekly earnings fell by 0.4 percent from September to October 
after seasonal adjustment, according to preliminary data released today by the 
Bureau of Labor Statistics of the U.S. Department of Labor.  A 0.3 percent 
increase in average hourly earnings was more than offset by a 0.6 percent rise 
in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). 
Average weekly hours were unchanged.

     Data on average weekly earnings are collected from the payroll reports of 
private nonfarm establishments.  Earnings of both full-time and part-time 
workers holding production or nonsupervisory jobs are included.  Real average 
weekly earnings are calculated by adjusting earnings in current dollars for 
changes in the CPI-W.

     Average weekly earnings rose by 2.9 percent, seasonally adjusted, from 
October 2003 to October 2004.  After deflation by the CPI-W, average weekly 
earnings decreased by 0.4 percent.  Before adjustment for seasonal change and 
inflation, average weekly earnings were $535.39 in October 2004, compared with 
$519.65 a year earlier.
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       Real Earnings for November 2004 will be released on Friday, December 17, 
2004.