Despite wage growth, the average American suffers as cost of living rises at a faster pace

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    • #10548
      N2Doc
      Participant
      • Total Posts: 8,248

      Even if the economy is on a roll, many Americans aren’t feeling the benefit.

      Real wages effectively declined in 2018, according to figures from the PayScale Index, a formula from the Seattle-based salary comparison site. PayScale said the median increases, when adjusted for inflation, were only 1.1% since and 1% over the past year. “However, the modest uptick in nominal wages failed to bring real wages out of the red for the year,” it said. In fact, when adjusted for cost of living increases, real wages declined 1.3% since the end of 2017, PayScale found.

      That runs counter to the latest Bureau of Labor Statistics data, which showed an annual increase of 3.2% in average hourly earnings in December, but that’s before accounting for inflation. The PayScale data also stand in contrast to otherwise encouraging news about the labor market. The U.S. unemployment rate remained near a 49-year low of 3.9% in December.

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      https://www.marketwatch.com/story/despite-wage-growth-the-average-american-suffers-as-cost-of-living-rises-at-a-faster-pace-2019-01-10

    • #10569
      Ohio Barbarian
      Moderator
      • Total Posts: 17,014

      just took a slightly higher than 1% a year pay cut. Yet our near-worthless union(AFSCME) says that’s a good deal.

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      Show me a man that gets rich by being a politician, and I'll show you a crook.--Harry Truman

    • #10575
      NV Wino
      Moderator
      • Total Posts: 5,839

      .

      “As we act, let us not become the evil that we deplore.” Barbara Lee
      “Politicians and pro athletes: The only people who still get paid when they lose.” William Rivers Pitt

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