Average weekly earnings in manufacturing industries in the U.S. 1914-1969

Between 1914 and 1969, weekly wages in manufacturing industries in the United States grew by a factor of 12. In the first half of the century, the most significant periods of increase came during the World Wars, as manufacturing industries were at the core of the war effort. However, wages then fell sharply after both World Wars, due to post-war recessions and oversaturation of the job market as soldiers returned home.

Interwar period

Wage growth during the interwar period was often stagnant, despite the significant economic growth during the Roarin' 20s, and manufacturing wages remained steady at around 24 dollars from 1923 to 1929. This was, again, due to oversaturation of the job market, as employment in the agricultural sector declined due to mechanization and many rural workers flocked to industrial cities in search of employment. The Great Depression then saw the largest and most prolonged period of decline in manufacturing wages. From September 1929 to March 1933, weekly wages fell from 24 dollars to below 15 dollars, and it would take another four years for them to return to pre-Depression levels.

Postwar prosperity

After the 1945 Recession, the decades that followed the Second World War then saw consistent growth in manufacturing wages in almost every year, as the U.S. cemented itself as the foremost economic power in the world. This period is sometimes referred to as the Golden Age of Capitalism, and the U.S. strengthened its economic presence in Western Europe and other OECD countries, while expanding its political and military presence across Asia. Manufacturing and exports played a major role in the U.S.' economic growth in this period, and wages grew from roughly 40 dollars per week in 1945 to more than 120 dollars by the late 1960s.