Wages Grew 3.5%. Prices Grew More. The May Numbers Confirm What Workers Already Know.
Real wages fell for the second straight month, and the gap between paychecks and prices just hit its widest point since the inflation shock of 2022. Average hourly earnings rose 3.4% over the year ending in May, while the Consumer Price Index rose 4.2% over the same period, the Bureau of Labor Statistics reported. That…