{"id":938145,"date":"2021-10-29T15:59:40","date_gmt":"2021-10-29T19:59:40","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=938145"},"modified":"2021-10-29T15:59:43","modified_gmt":"2021-10-29T19:59:43","slug":"americans-inflation-adjusted-wages-continue-to-decline","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/americans-inflation-adjusted-wages-continue-to-decline\/","title":{"rendered":"Americans\u2019 Inflation-Adjusted Wages Continue To Decline"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Famericans-inflation-adjusted-wages-continue-to-decline%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=938145&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Americans\u2019 real wages continued to decline during the month of September.<\/p>\n<p>Bureau of Labor Statistics data confirm that inflation is outpacing wage growth \u2014 implying a lower purchasing power for American workers. As <a href=\"https:\/\/www.dailywire.com\/news\/thanks-to-inflation-american-wages-drop-by-nearly-2\">The Daily Wire<\/a> previously reported, the decline in real wages has been continuing through most of 2021.<\/p>\n<p><a href=\"https:\/\/fortune.com\/2021\/10\/13\/inflation-matches-13-year-high-september-outpacing-workers-pay-gain\/\">Fortune<\/a> summarizes:<\/p>\n<p>The consumer price index rose 5.4% in September from a year ago, the Labor Department said Wednesday, up slightly from August\u2019s gain of 5.3% and matching the increases in June and July, which were the highest since 2008. Excluding the volatile food and energy categories, core inflation rose 0.2% in September and 4% compared with a year ago. Core prices hit a three-decade high of 4.5% in June.<\/p>\n<p>Higher prices are also outstripping the pay gains many workers are able to obtain from businesses, who are having to pay more to attract employees. Average hourly wages rose 4.6% in September from a year earlier, a healthy increase, but not enough to keep up with inflation.<\/p>\n<p>Treasury Secretary Janet Yellen <a href=\"https:\/\/www.dailywire.com\/news\/treasury-secretary-janet-yellen-signals-trouble-over-how-long-inflation-will-continue-to-remain-high\">predicts<\/a> that inflation will continue into next year.<\/p>\n<p>\u201cWhen do you expect the inflation to get back to the 2 percent range, which is considered normal?\u201d CNN anchor Jake Tapper asked her. \u201c2022? 2023? When?\u201d<\/p>\n<p>\u201cWell, I expect that to happen next year,\u201d Yellen responded. \u201cMonthly rates of inflation have already fallen substantially from the very high rates that we saw in the spring and early summer. On a twelve-month basis, the inflation rate will remain high into next year because of what\u2019s already happened. But I expect improvement by the end of \u2014 by the middle to end of next year, second half of next year.\u201d<\/p>\n<p>Yellen noted, \u201cwe are going through a period of inflation that\u2019s higher than Americans have seen in a long time.\u201d<\/p>\n<p>Economists <a href=\"https:\/\/www.dailywire.com\/news\/survey-economists-foresee-high-inflation-supply-chain-crisis-labor-shortages-lasting-well-into-2022\">polled<\/a> by The Wall Street Journal concur that inflation will remain high. From WSJ:&nbsp;<\/p>\n<p>Consumer-price inflation will drop to 3.4% by June of next year, then 2.6% by the end of 2022, according to respondents\u2019 average estimates. That is still above the average 1.8% that prevailed in the decade before the pandemic.<\/p>\n<p>\u201cConsumer spending, and by extension GDP growth, is being limited by high rates of inflation eroding the real purchasing power of consumers,\u201d Visa economist Michael Brown told the outlet.<\/p>\n<p>As The New York Times <a href=\"https:\/\/www.dailywire.com\/news\/thanksgiving-just-got-more-expensive\">explains<\/a>, the cost of a Thanksgiving meal will be \u201cthe most expensive meal in the history of the holiday.\u201d Prices for cereal and bakery products are up<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Americans\u2019 real wages continued to decline during the month of September.Bureau of Labor Statistics data confirm that inflation is outpacing wage growth \u2014 implying a lower purchasing power for American workers. As The Daily Wire previously reported, the decline in real wages has been continuing through most of 2021.Fortune summarizes:The consumer price index rose 5.4% in September from a year ago, the Labor Department said Wednesday, up slightly from August\u2019s gain of 5.3% and matching the increases in June and July, which were the highest since 2008. Excluding the volatile food and energy categories, core inflation rose 0.2% in September and 4% compared with a year ago. Core prices hit a three-decade high of 4.5% in June.Higher prices are also outstripping the pay gains many workers are able to obtain from businesses, who are having to pay more to attract employees. Average hourly wages rose 4.6% in September from a year earlier, a healthy increase, but not enough to keep up with inflation.Treasury Secretary Janet Yellen predicts that inflation will continue into next year.\u201cWhen do you expect the inflation to get back to the 2 percent range, which is considered normal?\u201d CNN anchor Jake Tapper asked her. \u201c2022? 2023? When?\u201d\u201cWell, I expect that to happen next year,\u201d Yellen responded. \u201cMonthly rates of inflation have already fallen substantially from the very high rates that we saw in the spring and early summer. On a twelve-month basis, the inflation rate will remain high into next year because of what\u2019s already happened. But I expect improvement by the end of \u2014 by the middle to end of next year, second half of next year.\u201dYellen noted, \u201cwe are going through a period of inflation that\u2019s higher than Americans have seen in a long time.\u201dEconomists polled by The Wall Street Journal concur that inflation will remain high. From WSJ:\u00a0Consumer-price inflation will drop to 3.4% by June of next year, then 2.6% by the end of 2022, according to respondents\u2019 average estimates. That is still above the average 1.8% that prevailed in the decade before the pandemic.\u201cConsumer spending, and by extension GDP growth, is being limited by high rates of inflation eroding the real purchasing power of consumers,\u201d Visa economist Michael Brown told the outlet.As The New York Times explains, the cost of a Thanksgiving meal will be \u201cthe most expensive meal in the history of the holiday.\u201d Prices for cereal and bakery products are up by 2.7% year-over-year; the same is true of produce and nonalcoholic beverages, which have increased in price by 3% and 3.7% respectively.Turkey production may fall by 1.4% since last year, likely due to the high price of corn used to feed the animals.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-938145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/938145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=938145"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/938145\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=938145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=938145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=938145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}