BraveSirZaphod , 8 months ago

An element to this is that there are a lot of different statistics that can tell a lot of different stories depending on what bits of data you pick.

For instance, most people would probably say that the average person had less purchasing power in October of this year compared to October of 2022. They would actually be wrong, as inflation-adjusted hourly wages have actually increased slightly in that time period (by ten cents, admittedly, but the fact remains that wage growth has been outpacing inflation).

This does not mean that every person has seen a growth in purchasing power, and my loose understanding is that most of the growth has been occurring at the bottom of the labor market (which is arguably a good thing from an equity standpoint).

https://www.bls.gov/news.release/pdf/realer.pdf