(The Center Square) – New jobs data shows that a significant number of Americans saw their income shrink last month even as prices continue to rise.
Morning Consult released new economic data showing that the number of Americans reporting lost pay or income rose from 11 to 11.7% in July.
“The U.S. labor market remains strong, but its best days may now be in the rearview mirror,” said John Leer, chief economist at Morning Consult. “With the Fed raising interest rates aggressively to combat high inflation, businesses are slowing hiring and expansion plans, releasing steam from a red-hot labor market.
“Whether that slowdown is swift and severe enough to tip the economy into a recession remains to be seen,” Leer added.
Poorer Americans have been hit hard.
“As of the week ending July 23, 13.9% of adults from households earning less than $50,000 reported losing pay in the previous week, an increase of 1.3 percentage points from a series low at the beginning of June,” Morning Consult said. “Lost pay has also been concentrated in certain sectors, including leisure [and] hospitality and construction.”
The decline in pay is ill-timed as the latest inflation data shows prices continue to rise.
The U.S. Bureau of Labor Statistics’ latest inflation data showed a 9.1% rise in consumer prices, more than anticipated and a sign that price hikes are not slowing down.
The U.S. Bureau of Economic Analysis released its Personal Consumption Expenditure last week, a key marker of inflation, which showed significant price increases as well, particularly for food and energy costs.
“Food prices increased 11.2 percent and energy prices increased 43.5 percent,” the BEA said. “Excluding food and energy, the PCE price index increased 4.8 percent from one year ago.”
Morning Consult conducted 20,000 interviews weekly to collect the data in July.
This Treasonous, dishonest, destructive, Socialist Democrat Party’s objective is to deliberately lie, cheat and steal elections in order to take total control of the American people, by restricting U.S. oil production, increase Taxes and the cost of everything and bring American commerce and economy to its knees and to promote Socialism.
Then access power and retain it by any means available –
no matter the costs to the people, the government or the nation.
This treasonous, hateful, destructive, immoral, socialist Democrat Party and their corrupt, demented puppet president has become our country’s most destructive and deadliest ENEMY!
even if your employer does not cut your pay, If the dollar inflates 9.5% you just got a pay cut in buying power, thanks to deceptive Democrat politicians who want to promise you everything to get elected, but too timid to tell you how taxes must rise to afford it, so they just get the job done by printing the money that cuases the inflation that ends up with the same paycheck diminishing buying power results.
AND its especially hurtful for those of us living off pensions..
Thanks Puppet Masters . Let’s Go Brandon.
Yet Joe keeps talking about the job growth—while he smokes some of Hunter’s wacky weed.
HE jsut doesn’t mention the job growth is IN THE GOVT.