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Posted On: 08/10/2018 8:52:03 PM
Post# of 27243
Inflation pick-up has been rather modest, says economist Inflation pick-up has been rather modest, says economist
While the rest of the economy pointed higher in July, American workers took a step backwards.
Hourly and weekly earnings languished when factoring in the rise in cost of living, according to figures the Labor Department released Friday.
Average weekly earnings actually decreased 0.2 percent over the one-month period and increased only fractionally from the same period a year ago. Average hourly earnings were unchanged over the month and actually two cents lower than July 2017.
The readings came during a month that saw core inflation rise at its fastest pace since September 2008. The Consumer Price Index increased 0.2 percent month over month for an annual gain of 2.4 percent, up one-tenth of a percentage point from June and driven primarily by a jump in rental costs.
The decline puts real wages at their worst level since October 2012.
While the rest of the economy pointed higher in July, American workers took a step backwards.
Hourly and weekly earnings languished when factoring in the rise in cost of living, according to figures the Labor Department released Friday.
Average weekly earnings actually decreased 0.2 percent over the one-month period and increased only fractionally from the same period a year ago. Average hourly earnings were unchanged over the month and actually two cents lower than July 2017.
The readings came during a month that saw core inflation rise at its fastest pace since September 2008. The Consumer Price Index increased 0.2 percent month over month for an annual gain of 2.4 percent, up one-tenth of a percentage point from June and driven primarily by a jump in rental costs.
The decline puts real wages at their worst level since October 2012.
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