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Ratio of Average Hourly Earnings to CPI

Despite the highest inflation in 40-years, real wages are higher than pre-pandemic.


Real wages in March 2022, as calculated by the ratio of Avg. Hrly Earnings to CPI, is actually up 1.8% since Jan 2020!


Average Hourly Earnings are of Production and Nonsupervisory Employees, Total Private, which Paul Krugman used in his Jan 25th op-ed discussing the inflation narrative.



#economy  #inflation #wages

Source: U.S. Bureau of Labor Statistics

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