It is getting harder and harder for American workers to make ends meet as rising inflation outpaces pay gains, pushing down inflation-adjusted compensation at a pace almost never seen before.
Adjusted for inflation, hourly compensation fell 2.7 percent in the second quarter, data released by the Bureau of Labor Statistics on the nonfarm business sector showed Tuesday.
Real compensation fell 2.8 percent in the fourth quarter of 2011. That decline came in part because unadjusted wage gains were very small, just 0.5 percent. The economy was just extremely sluggish, with a low level of demand for labor following the financial crisis and the collapse of the housing bubble. The consumer price index increased 3.3 percent in the quarter.
The only other comparable contraction was in the first quarter of 1974, when real compensation fell 2.1 percent. That was in an atmosphere that was also very different from today’s, with extremely high inflation meaning prices outpaced wage gains. Consumer prices jumped 9.1 percent and wages rose 7.6 percent.
In the most recent quarter, unadjusted hourly compensation rose 2.0 percent compared with the 2020’s April through June period. CPI, however, was up 4.8 percent.
Hope all those Biden loving Democrat lovers are feeling all warm and cozy with their lies. Give them more money, take twice as much back away from them to cover inflation. Even stores are beginning to look like socialist stores with all the empty counters and prices going up daily!!!
You got that right! I don’t see the empty shelves because I order online and pick up at the store. It has been difficult trying to plan meals when every time you select something it is out of stock. Ground beef has gone up and continues to go up. Chicken has gone up at least 25%. I can’t even keep track of fish and pork. Overall everything has gone up. The prices may show they are the same but the boxes are getting smaller or the rolls of tp and paper towels are getting smaller. Remember when a double roll of tp wouldn’t spin on a standard tp holder. Now you can fit a mega roll that is suppose to be 3 rolls.
Gas is up .60/gal. Trash bill just went up 10%, with increase pegged to fuel and labor.
If you loved the Carter years, you’ll positively wet yourself when SloJoe’s influence is fully felt.
Time to raise the minimum wage up to $20 a hour.
They will just raise prices up another $30.00 to cover paying it. WHAT IS THE POINT?????
Biden says > WELL , pay More !!!!!! LOL LOL