Wage growth in the United States has outpaced inflation in the last year and since the pandemic, a fact celebrated by the White House as President Biden seeks re-election. Inflation has decreased and wages are rising faster than prices, according to the Labor Department's Consumer Price Index report.
Wage growth in the United States has lagged behind inflation for most of President Biden 's term in office, with average hourly pay today below what it was in January 2021. However, in the last year and overall since the pandemic, wage growth has outpaced inflation, a fact the White House has celebrated as Biden seeks re-election to a second term in November. "Inflation is down two-thirds from its peak and annual core inflation is the lowest since May 2021.
Before the pandemic, workers were used to wages growing at a faster rate than inflation. "Workers grew accustomed to getting a wage boost each year to keep pace with inflation, plus another boost to capture productivity growth. Wage growth also rose as the unemployment rate fell, the labor market got tighter, and employers had to work harder to recruit and retain workers. So, wage growth was about 1.5% higher than inflation in 2019," Pollak said.
Wage Growth Inflation United States Biden Re-Election White House Prices Consumer Price Index
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