The Financial Press Is Blowing The Story Of The Year
They’re basing their gloomy forecasts on nominal average hourly earnings data released by the government monthly and not adjusting it for inflation, which is a major mistake. This is real, after-inflation data.
Real wage growth is accelerating at a strong clip, rising from a twenty-four dollar hourly rate in March 2006 to twenty-six dollars and thirty cents through the end of June 2017.
The growth in real hourly earnings in the last decade increased real purchasing power by 10%, and, since the start of 2017, the trendline soared upward.
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