Even though Americans have seen sizable wage growth over the past year, real wages have actually dipped during the period due to soaring inflation, which is presently at four-decade high levels.
“In June, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $32.08. Over the past 12 months, average hourly earnings have increased by 5.1 percent,” according to a July 8 employment situation summary by the U.S. Bureau of Labor Statistics.
