On average, wages have risen faster than prices since the onset of the pandemic, and lower-paid workers have seen the steepest gains even while facing the highest cost burdens.
by Rob Wile
NBC News
It’s a key question on voters’ minds heading into Thursday night’s presidential debate: How far does my dollar go in 2024?
The short answer: further than they might think.
Since February 2020, the Consumer Price Index has climbed a cumulative 20.8%, according to Bureau of Labor Statistics data. Over that same period, average hourly earnings rose 22.3%.
The chart below shows the result: Inflation-adjusted hourly earnings (the yellow line) have increased 1.5% since December 2019, indicating a net gain for workers’ average spending power.