Americans are experiencing the biggest pay cut in decades in large part due to inflation, new data shows.
The Federal Reserve Bank of Dallas, one of several regional Fed banks around the country, released new wage and price data, and it isn’t good news for Americans.
“We find that a majority of employed workers’ real (inflation-adjusted) wages have failed to keep up with inflation in the past year,” the bank said. “For these workers, the median decline in real wages is a little more than 8.5 percent. Taken together, these outcomes appear to be the most severe faced by employed workers over the past 25 years.”
The Fed bank reported that more than half of Americans saw a decrease in wages in the last 12 months.
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