‘Kennedy’ party panel reacts to President Biden’s ‘economic blunders’ as inflation hit 8.3% in April.
The Labor Department reported on Wednesday that average hourly earnings for all employees actually declined 2.6% in April from the same month a year ago when factoring in the impact of rising consumer prices. On a monthly basis, average hourly earnings dropped 0.1% in March, when accounting for the inflation spike.
By that measure, the typical U.S. worker is actually worse off today than they were a year ago, even though nominal wages are rising at the fastest pace in years. That’s because consumers are confronting the highest inflation in a generation, which has quickly diminished their purchasing power.
“Rising wages are
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