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Inflation-adjusted earnings are falling fast, jobs report shows

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Wage growth is falling further behind inflation, meaning that workers’ real wages are falling rapidly.
Average hourly earnings for all employees on private nonfarm payrolls rose by 0.3% in April, a bit lower than economic forecasters had expected, according to data released Friday from the Bureau of Labor Statistics. Nominal earnings have increased 5.5% on an annual basis.

That earnings growth rate is well below inflation. Although inflation numbers are not yet available for April, the Consumer Price Index grew at 8.5% in the year ending in March.
To sum up: Real earnings appear to be falling by a few percentage points, although it’s difficult to make an apples-to-apples comparison.
The White House Council of Economic Advisers under President Joe Biden acknowledged the bad news about earnings.

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