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Dallas Fed says inflation surge badly eroding many American's wage gains

Dallas Fed says inflation surge badly eroding many American's wage gains

Dallas Fed says inflation surge badly eroding many American's wage gains
Oct 04, 2022 1 min, 14 secs

NEW YORK, Oct 4 (Reuters) - Americans' wages are losing ground to inflation at a steep rate, a report on Tuesday from the Federal Reserve Bank of Dallas said, a finding that offers some support for the central bank's super-charged campaign to lower price pressures.

"Despite the stronger wage growth due to the tightness of the labor market, a majority of workers are finding their wages falling even further behind inflation," economists for the Dallas Fed wrote.

The report acknowledged over the last 25 years there have been other periods of lost ground on wages relative to inflation, but added "the current time period is unparalleled in terms of the challenge employed workers face.".

The paper said the average median decline in real wages over the last quarter century is 6.5%, with real wage declines typically ranging between 5.7% and 6.8%, highlighting the pain of the current period.

Daly acknowledged that wage earners were losing ground against surging inflation and noted that her bank is collecting evidence pointing to a moderation in wage gains.

The catch for the Fed is that with underlying levels of inflation having grown worse, wage earners could lose even more ground on their pay before prices are brought under control.

Americans' wages are losing ground to inflation at a steep rate, a report on Tuesday from the Federal Reserve Bank of Dallas said, a finding that offers some support for the central bank's super-charged campaign to lower price pressures.


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