As the inflation crisis that began under President Biden continues, the real wages of American workers fell sharply in August, according to a new report from the Bureau of Labor Statistics.
“Real average hourly earnings for all employees decreased 0.5 percent from July to August, seasonally adjusted,” the report said. “This result stems from an increase of 0.2 percent in average hourly earnings combined with an increase of 0.6 percent in the Consumer Price Index for All Urban Consumers (CPI-U).”
“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 increase in the average workweek,” the report added.
The news comes as prices soared last month as a result of the inflation crisis, according to a separate report from the Bureau of Labor Statistics.
Prices “rose 0.6 percent in August on a seasonally adjusted basis, after increasing 0.2 percent in July,” the report said. “Over the last 12 months, the all items index increased 3.7 percent before seasonal adjustment.” This is a massive increase from the 3.2 percent annual rate from last month.
