The real wages of Americans continued to fall last month as a result of the record-breaking inflation crisis that has originated under Democrat President Joe Biden’s administration.
According to the newly released Consumer Price Index report from the Bureau of Labor Statistics, prices rose 0.1% in August and 8.3% over the last year. Core inflation, which excludes volatile gas and energy prices, rose 0.6% in August and 6.3% over the last year.
The sky-high inflation rate caused the real wages of Americans to decrease in August, according to a separate report from the Bureau of Labor Statistics.
“Real average weekly earnings decreased 0.1 percent over the month due to the change in real average hourly earnings combined with a 0.3-percent decrease in the average workweek,” the report said.
The real wages of Americans decreased even further over the last year. According to the report, “Real average hourly earnings decreased 2.8 percent, seasonally adjusted, from August 2021 to August 2022. The change in real average hourly earnings combined with a decrease of 0.6 percent in the average workweek resulted in a 3.4-percent decrease in real average weekly earnings over this period.”
The 0.1% increase in monthly inflation and the 0.6% increase in core inflation was significantly worse than economists’ expectations.
“Economists had been expecting headline inflation to fall 0.1% and core to increase 0.3%, according to Dow Jones estimates. The respective year-over-year forecasts were for 8% and 6% gains,” CNBC reported.
“Today’s CPI reading is a stark reminder of the long road we have until inflation is back down to earth,” said Mike Loewengart, head of model portfolio construction for Morgan Stanley’s Global Investment Office, according to CNBC. “Wishful expectations that we are on a downward trajectory and the Fed will lay off the gas may have been a bit premature.”
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