Scorching-hot inflation wiped out most Americans' wage gains in May38 mins ago
Scorching-hot inflation wiped out most Americans' wage gains in May
Soaring consumer prices gave Americans a 3% wage cut in May
By Megan Henney FOXBusiness
The white-hot job market is fueling rapid wage growth for millions of Americans, but the worst inflation in four decades is quickly eroding those gains.
The Labor Department reported Friday that average hourly earnings for all employees actually declined 3% in May from the same month a year ago when factoring in the impact of rising consumer prices.
On a monthly basis, average hourly earnings dropped 0.6% last month, when accounting for the inflation spike.
By that measure, the typical U.S. worker is actually worse off today than a year ago, even though nominal wages are rising at the fastest pace in years.
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https://www.foxbusiness.com/economy/scorching-hot-inflation-wiped-out-most-americans-wage-gains-may
