In the past five years, historic inflation has eroded wage gains for many American workers, leading to a significant drop in real incomes. Despite a more recent wage increase of about 3%, real wages still struggle to recover to pre-inflation levels. Although some workers have benefited from wage growth, many others in various sectors are facing salary declines exacerbated by continued inflation above the Federal Reserve’s target. An assessment of job data revealed around 46 occupations marked by notable wage decreases in the previous year.
Even though real, inflation-adjusted incomes have yet to return to their all-time high, reported in 2020, wage growth has generally outpaced inflation in the last few years.
During the period from the second quarter of 2020, real, inflation-adjusted incomes fell by nearly 9%, reducing purchasing power and living standards for millions of American households.
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