Real average hourly earnings contracted 3.6% year-over-year, paired against a 9.1% annualized inflation rate in June.
As if June inflation data reaching a 41-year high wasn’t enough Wednesday, here’s some worse news: Americans’ earnings declined yet again last month when factoring in rising costs.
When the 0.3% monthly increase in average earnings takes the latest CPI data into account, wages fell by 1% on the month. Year-over-year decreases in real hourly earnings have been occurring since April 2021, according to the Bureau of Labor Statistics. During June, leisure and hospitality jobs were the one place where hourly wage growth was keeping up with inflation. There, hourly pay grew by 9.1% on the year, exactly the same percentage increase as the CPI.
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