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Mike Konczal challenges the claim that wages are rising for Americans across the income distribution.
He points out that the reported nominal wage increases become negative for the 75th percentile after accounting for the 3.9% CPI inflation in the relevant comparison, making the wage gains less meaningful in real terms.
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Konczal previously argued that higher interest rates may have followed the Federal Reserve's hawkish dot plot at the June meeting. He has also observed that CPI inflation often fails to capture recent, short-term spikes in premiums, which can affect real-wage analysis. These earlier comments form part of his ongoing assessment of wage and inflation data.