Wage growth minus inflation — the only pay raise that counts. Atlanta Fed wage-growth tracker, average hourly earnings and real median weekly earnings, each netted against the CPI and against this site's daily gauge, with the gap charted through time.
The politics of inflation live on this page: a hot labor market can raise pay faster than prices (real gains) or lag them (the squeeze). Netting wages against the real-time gauge instead of the lagged CPI shows the squeeze or the relief months earlier.
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