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Higher Wages Have No Respite as Workers Faced a 2.4% Pay Cut Last Year

Inflation played a big spoilsport for several people, especially the average worker who got a raise in salaries. However, it didn’t mean much when the paychecks still didn’t provide the value for money. A big chunk was eaten up by the inflation and eroding the raise they got left the workers back to square one reported by CNBC.

What did Consumer Price Index Show?

There has been strong wage growth is seen in certain industries and employers are trying hard to retain employees in this hot job market. However, hotels and restaurants have eclipsed this potential, at least for now.

The raises were seen in some of the lowest-paying jobs that actually see relief in households that lived paycheck to paycheck. The rising prices of staples like food have impacted several worker homes, reports MSN.

The consumer price index indicator showed a jump of 7% from last December in 2021, the fastest inflation rise that the US department of labor reported. The index accounted for a spectrum of goods and services, including fruit, alcohol, firewood, airfare, hospital services, and even musical instruments. The person buying anything for $100 will end up paying $7 more now.

What Reports Say?

Households still find it hard to keep up with inflation despite the rise in wages. According to media reports, the worker’s average pay increased more than $31 per hour since last year, which happens to be 4.7% raise which the labor departed stated. A loss for the households who feel the raise did nothing for them. The increase in expenses has eaten into what they are earning as GoodWordNews.

Real earning is a myth now because of inflation, which may differ from household to household. Pay ranking was considered from the lowest paying sector onwards, such as leisure and hospitality, transportation and warehousing, retail workers, etc. The raises they got were considered for the evaluation.

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