In this article we present an estimation of a series of average real wages in the period of state-led industrialization for blue-collar men and women. The series has been calculated from a new primary source, the Yearbooks of the Workers Insurance Fund and the Social Security Service and revised with a price index due to the control price policies and the emergence of a black market in the later years. The results show that the wage series had little capacity of growth and remain stagnant for much of the period and subject to price rises. Comparison of output per worker with the series of wages adjusted by the CPI and by the output deflator reveals a large gap in growth rates, showing an unequal distribution of both growth gains and the effects of economic imbalances, expressed in inflation.