After American workers lost thousands in buying power coming out of the pandemic, new data shows wages are starting to outpace inflation.
The consumer price index, the top measure for inflation in the U.S., slowed in September to 2.4% in the 12-month period ending last month, according to the Bureau of Labor Statistics who released the updated consumer price index on Thursday.The new data shows that inflation is now below recent norms. In the last decade, prices generally increase at a rate of 3.2% per year. In the last 20 years, consumer inflation has generally increased 3% annually.
Workers are making an average of $1.35 an hour more than a year ago. Average weekly wages were $1,209 in September, up from $1,169 a year ago. The 3.4% increase in wages is outpacing inflation.From January 2021 through August 2023, the price of goods and services increased 16.6%. During that same time, incomes only increased 11%. This meant that someone earning an average salary in January 2021 would have needed $9,901in pay increases to keep up with inflation.
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