Happy with your wage increases? You shouldn’t be.
Understanding the Chart
This article was originally published by Mish Talk.
BLS Report on Real Hourly Wages
With the above backdrop, please consider the BLS report on Real Wages for June 2021.
All Workers
Production and Nonsupervisory Workers
My calculations differ very slightly from BLS calculations. Fred, the St. Louis Fed repository does not have a direct data feed for the BLS result so I downloaded wage and CPI data to do the require calculations.
Real Average Hourly Earnings
Ignoring a 0.03% rise in October 2020 (The BLS has October at 0), real wages for production workers have only risen 3 months out of the last 14 month. This matches the BLS report +- 0.1 percentage point rounded.
For all workers on average, real wages have only risen twice in the last 14 months, again matching the BLS report.
Congratulations Bond Holders
Believe the CPI?
These calculations presume you believe the CPI. It’s safe to say, most don’t.
Core CPI Jumps the Most Since 1991 Yet Little Bond Market Reaction
For comments on the CPI, please see Core CPI Jumps the Most Since 1991 Yet Little Bond Market Reaction
Coming up soon, I offer a revised CPI that accurately takes housing into consideration.
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