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<blockquote data-quote="Box Ox" data-source="post: 5144172" data-attributes="member: 48469">Oops[URL unfurl=&quot;true&quot;]https://www.cnbc.com/2022/01/12/higher-pay-eclipses-inflation-bite-for-some-.html[/URL]&quot;Average pay also jumped significantly in 2021 — to more than $31 an hour, a 4.7% annual increase, the Labor Department <a href="https://www.bls.gov/news.release/archives/empsit_01072022.pdf" target="_blank">reported</a> Friday.Despite that pay bump, higher consumer prices ate into household budgets. In effect, the average worker got a 2.4% pay cut last year, <a href="https://www.bls.gov/news.release/pdf/realer.pdf" target="_blank">according</a> to seasonally adjusted data published by the Labor Department.“In what was the best year for wage growth that we have seen in many, many years, it still comes up as a loss for many households,” said Greg McBride, chief financial analyst for Bankrate. “Their expenses increased even faster and chewed up all of the benefit of whatever pay raise they had seen.”</blockquote>

[QUOTE="Box Ox, post: 5144172, member: 48469"] Oops [URL unfurl="true"]https://www.cnbc.com/2022/01/12/higher-pay-eclipses-inflation-bite-for-some-.html[/URL] "Average pay also jumped significantly in 2021 — to more than $31 an hour, a 4.7% annual increase, the Labor Department [URL='https://www.bls.gov/news.release/archives/empsit_01072022.pdf']reported[/URL] Friday. Despite that pay bump, higher consumer prices ate into household budgets. In effect, the average worker got a 2.4% pay cut last year, [URL='https://www.bls.gov/news.release/pdf/realer.pdf']according[/URL] to seasonally adjusted data published by the Labor Department. “In what was the best year for wage growth that we have seen in many, many years, it still comes up as a loss for many households,” said Greg McBride, chief financial analyst for Bankrate. “Their expenses increased even faster and chewed up all of the benefit of whatever pay raise they had seen.” [/QUOTE]

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