This morning the Bureau of Labor Statistics released figures for weekly earnings for full-time workers in the second quarter.
Median weekly earnings of the nation’s 118.9 million full-time wage and salary workers were $1,041 in the second quarter of 2022.
That was 5.2% higher than a year ago.
High enough to be a contributing factor to the 8.6% CPI inflation rate over the same period.
But not high enough so that workers didn’t lose ground to inflation. A 5.2% increase in weekly wages, but an 8.6% inflation rate.
Hard to see how consumers keep spending.
Not hard to see why high inflation will continue.