The real wages of American workers fell last month as a result of the inflation crisis that began shortly after Democrat President Joe Biden took office, according to a new report from the Bureau of Labor Statistics.
“Real average hourly earnings for all employees decreased 0.2 percent from December to January, seasonally adjusted,” the report said. “This result stems from an increase of 0.3 percent in average hourly earnings combined with an increase of 0.5 percent in the Consumer Price Index for All Urban Consumers (CPI-U).”
“Real average hourly earnings decreased 1.8 percent, seasonally adjusted, from January 2022 to January 2023. The change in real average hourly earnings combined with an increase of 0.3 percent in the average workweek resulted in a 1.5-percent decrease in real average weekly earnings over this period,” the report added.
The decrease in real wages for American workers follows a pattern of falling wages that the economy has experienced nearly every month since Biden took office.
The news comes as inflation rose by 0.5% in January, more than economists expected, and rose by 6.4% from January 2022, which was also more than economists expected. As noted by CNBC, economists surveyed by Dow Jones had been expecting respective increases of 0.4% and 6.2%.