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Average hourly earnings rise 3.4% while inflation climbs, Andrew Ackerman notes
Andrew Ackerman reports that average hourly earnings in the U.S. rose 3.4% over the past year, according to data from the Labor Department released Friday.
Despite the increase in wages, Ackerman points out that this growth remains below April's inflation rate of 3.8% and a projected 4.2% for May, indicating that workers are losing purchasing power.
Ackerman has previously reported that Americans are experiencing a decline in take-home pay as government aid wanes, exposing a more negative financial outlook for many households, according to recent trends. Earlier, he covered leadership changes at the Federal Reserve, with Kevin Warsh now heading both the board of governors and the committee responsible for setting U.S. interest rates at the central bank. These developments provide additional context to current wage and inflation figures.
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