Congratulations, you got a raise — but here’s why you shouldn’t celebrate just yet
In normal times, getting a raise is a celebratory occasion. It often means your boss has recognized how hard you’ve been working and wants to reward you.Last quarter, Americans saw their wages and salaries increase by 1.5%, capping a 5.4% increase over the past 12 months, not adjusting for inflation, according to data the Department of Labor published on Friday.
Inflation grew by 1.2% over the third quarter and more than 5% over the past 12 months, measured by the consumer price index. He also noted that there are signs that “surging wage growth is itself feeding directly through to higher prices in some sectors — most notably leisure and hospitality.” Meaning that the raises workers are getting are enabling business owners to raise their prices.
“Large and unexpected surprise inflation, however, can reduce real wages —especially if employers do not build cost-of-living adjustments into their wage increase.”
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