The lowest-earning workers in the United States saw a year-over-year wage growth rate of 4.8 percent in August, the highest mark since 2002, according to data analyzed by the Federal Reserve Bank of Atlanta. It was 2 percentage points above the wage increases for the country's highest earners, as well, The Wall Street Journal notes.
But it hasn't necessarily translated to a real-word boost for many people thanks to inflation. Because consumer prices rose 5.3 percent in August from a year earlier and are hovering at a near a 13-year high, "real" wages — pay adjusted for inflation — for lower-earning workers actually dropped 0.5 percent from August 2020, the Atlanta Fed and the Labor Department have found.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
What are Trump's plans for public health?Today's Big Question From abortion access to vaccine mandates
-
GOP's Mace seeks federal anti-trans bathroom banSpeed Read Rep. Nancy Mace of South Carolina has introduced legislation to ban transgender people from using federal facilities
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
'Brain drain' fear as record numbers leave New ZealandUnder The Radar Neighbouring Australia is luring young workers with prospect of better jobs
-
Ghost kitchens are pulling a disappearing actunder the radar The delivery-only trend is failing to live up to the hype built up during the pandemic
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
