Report finds U.S. wages peaked in 1972

A new Labor Department report has revealed that most U.S. workers would have been better off in 1972.

The report found that weekly wages in 1972 for most U.S. employees were about $811 in today's dollars. This past March, U.S. workers averaged around $703 per week.

The Labor Department's report looked at average weekly earnings for production and "non-supervisory employees," which account for the majority of the U.S. workforce, The Wall Street Journal reports. For those workers, real average weekly earnings fell 0.4 percent from February to March.

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Inflation-adjusted hourly and weekly earnings increased by 2.3 percent, compared with a year earlier, but the Journal notes that the recent spike in real average earnings is "largely due to low inflation, rather than surging paychecks."