Your Rising Wages May Make You Feel Better… Until You Try To Buy Stuff
Despite the biggest increase in average hourly wages for production and non-supervisory workers in 40 years, these people are actually worse off.
Why?
Rising prices are eating up their income gains.
Year-over-year, average hourly wages for production and nonsupervisory employees were up 6.7% in March, according to Bureau of Labor Statistics data. Other than the lockdown distortions in April and May of 2020, this was the biggest gain since 1982.
This includes jobs in all industries that are non-management, ranging from assembly line workers to computer coders.
In dollar terms, the average wage of Production and Nonsupervisory Employees increased by $0.11 month-on-month. Wages were up $1.71 from a year ago, to $27.06. – READ MORE
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