Economy

progree

(11,499 posts)

4. Real average earnings of production and non-supervisory workers fell 17% during high inflation

Reply to mahatmakanejeeves (Original post)

Thu Jan 13, 2022, 01:59 PM

Jan 2022

years.

Real (meaning inflation-adjusted) average hourly earnings of production and non-supervisory workers, 80% of the workforce
http://data.bls.gov/timeseries/CES0500000032

Set the start time back to 1970 or before

If fell from $9.37/hour in January 1973 to $7.81/hour in January 1991
a decline of 16.6%
These are all in 1982-1984 dollars

Anyone waxing nostalgic about those years when you got interest on your checking and savings account should remember that those interest rates were far below the rate of inflation, meaning even with "all" that interest, your savings' purchasing power was being badly eroded.

Likewise your wage and salary income.

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Inflation threatens to turn 2022 into 'annus horribilis' for Powell, Biden: Morning Brief [View all] mahatmakanejeeves Jan 2022 OP

This message was self-deleted by its author Chin music Jan 2022 #1

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Real average earnings of production and non-supervisory workers fell 17% during high inflation progree Jan 2022 #4

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That phrase reminds me of a scene in a British sitcom peppertree Jan 2022 #5

Well, you won't believe what Google Translate came up with progree Jan 2022 #7

Lost in translation, as they say. peppertree Jan 2022 #8