(WASHINGTON, D.C.) – Wage inequality fell for the second year in a row in 2023, but still remains extremely high, according to an Economic Policy Institute (EPI) analysis of newly available wage data from the Social Security Administration (SSA).

Key findings include:

Wage inequality fell in 2023 as inflation-adjusted earnings grew for the bottom 90% (+0.9%), while earnings declined for the top 5% (–2.0%), top 1% (–3.3%), and top 0.1% (–4.7%).

For the entire Coronavirus Pandemic business cycle between 2019 and 2023, earnings growth for the bottom 90% was more than twice as fast as for the top 5%.

Over the long run, however, earnings growth has been vastly unequal.

From 1979 to 2023:

Wages for the top 1% and top 0.1% skyrocketed by 181.7% and 353.9%, respectively.

Wages for the bottom 90% grew just 43.7%.

The top 1% earned 12.4% of all wages in 2023 - up from 7.3% in 1979.

The bottom 90% earned just 60.7% of all wages in 2023, far lower than their 69.8% share in 1979.

To Directly Access This Labor News Report In Its Entirety, Go To: Wage inequality fell in 2023 amid a strong labor market, bucking long-term trends: But top 1% wages have skyrocketed 182% since 1979 while bottom 90% wages have seen just 44% growth | Economic Policy Institute