Inflation actually isn't taking a bite out of your paycheck. Wages have been going up faster during the pandemic.
that"inflation has only a limited and temporary effect on people's wallets" while income growth has"offset much of the bump in prices."
Real hourly wages for nonsupervisory workers have grown by 2.5% from February 2020 to $25.83 in July 2021 versus an increase of 7.8% during that same time using nominal wages. Over just a month, real wages didn't really change but in terms of nominal amounts, going up by 0.4%.
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