Researchers for the Federal Reserve Bank of Dallas published new findings that calculated “real wages” — the effective income of workers when adjusted for inflation.
“We find that a majority of employed workers’ real (inflation-adjusted) wages have failed to keep up with inflation in the past year,” the researchers said. “For these workers, the median decline in real wages is a little more than 8.5%.”
“Taken together, these outcomes appear to be the most severe faced by employed workers over the past 25 years,” the researchers added.
https://nypost.com/2022/10/06/americans-saw-most-severe-pay-cut-in-25-years-under-biden/
I find it very hard to believe that it's that big a decline for the median worker. That makes no sense given that inflation was around 8.5% while median wages increased something like 5.0%. Which is a 3% real decline in wages.
I think, not surprisingly, that the New York Post is selectively quoting. I know that real median wages have declined given what I just said above but by around 3.5%. A better source than Murdoch trash would be nice.
For instance: Median weekly earnings increased 5.2 percent for the year ended in the second quarter of 2022
Median weekly earnings of the nation's 118.9 million full-time wage and salary workers increased from $990 in the second quarter of 2021 to $1,041 in the second quarter of 2022, or 5.2 percent. This compared with a gain of 8.6 percent in the Consumer Price Index for All Urban Consumers over the same period.
https://tinyurl.com/42fh48eb
You have accurate stats posted by the Bureau of Labor Statistics at the end of July. Why you would quote from Murdoch's lies is beyond my comprehension.
It looks like the 8.5% decline was among only the subset of workers who experienced real wage declines. So presumably the median real wage decline overall is close to the 3% that you quoted.
