Assessment: Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, the consumer price index, a metric that measures costs across dozens of items, increased 7%, according to the department’s Bureau of Labor Statistics …
Record high job openings and extremely low employment have not stopped workers from losing ground due to inflation running at a 39-year high, data from the Labor Department showed Wednesday.
Real average hourly earnings–meaning, earnings after inflation–were down 2.4 percent, seasonally adjusted, from December 2020 to December 2021. The change in real average hourly earnings combined with no change in the average workweek resulted in a 2.3-percent decrease in real average weekly earnings over this period.
“You have sown much, and bring in little;
You eat, but do not have enough;
You drink, but you are not filled with drink;
You clothe yourselves, but no one is warm;
And he who earns wages,
Earns wages to put into a bag with holes.” Haggai 1:6
Inflation-adjusted hourly wages for production and nonsupervisory workers fell 1.9 percent from December 2020 to December 2021. Weekly wages fell two percent.
December’s year-over-year figure was the third-worst in records going back to 2007. The worst was April of last year, followed by May.
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