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Inflation-adjusted earnings are falling fast, jobs report shows

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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