“Due to the surge in inflation, worker wages, despite rising 5.6% from a year ago, weren’t keeping pace with the cost of living.”
Wages up 5.6 percent, prices up 8.5 percent. That is a pay cut. Real hourly earnings fell 0.8 percent in a single month. Economists cheered core inflation “moderating” because used car prices dipped, while shelter costs posted their biggest jump since 1991.