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1 National Average Wage Index 1 (January 27, 2021)

handle is hein.congrec/cbonawi0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Phillip L. Swagel, Director U.S. Congress Washington, DC 20515 January 27, 2021 Honorable Chuck Grassley Chairman Committee on Finance United States Senate Washington, DC 20510 Re: The National Average Wage Index in 2020 Dear Mr. Chairman: This letter responds to your question about the national average wage index (AWI), which is used in the calculation of Social Security benefits. You asked how much that index changed from 2019 to 2020, according to the Congressional Budget Office's estimate. (The actual figures will not be known until later this year.) On the basis of employment data from the Bureau of Labor Statistics and earnings data from the Bureau of Economic Analysis, CBO currently estimates that the AWI declined by 0.5 percent from calendar year 2019 to calendar year 2020. That decrease is smaller than the decline of 3.8 percent that CBO projected in September 2020. I hope this information is helpful to you. Please let me know if you have any further questions. Sincerely, Phillip L. Swagel Director cc: Honorable Ron Wyden Ranking Member www.cbo.gov

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