Annual 'real' hourly earnings — or, wages after accounting for inflation — increased in May for the first time since March 2021.
Fed Chair Jerome Powell: The process of getting inflation back down to 2% has a long way to goFor the average person, however, inflation swamped those wage gains. Such households saw their bills for food, rent and filling up the gas tank rise faster than their paychecks.
The CPI, an inflation barometer, peaked at 9.1% in June 2022 — the highest level in four decades — but has sinceMeanwhile, wage growth has also declined but at a slower pace — translating to a net boost to Americans' financial well-being in May relative to last year. "The trend reversal is good news for consumers, who have remarkably weathered the decline well and are now set to become even stronger," Pollak said.Other economic measures further suggest household well-being has improved.
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