Pandemic-era inflation left millions of workers with a lasting pay cut. Now it's happening again.

TL;DR

Workers' real wages are falling again, mirroring the economic situation during the pandemic years.
From February 2021 to June 2022, real wages decreased by over 4%, and many workers are still earning less in inflation-adjusted terms than four years prior.
The recent increase in inflation, driven by oil and gasoline prices due to the Iran war, has outpaced wage growth.
Most companies adhere to wage growth norms, providing modest annual raises that are inadequate during high inflation periods.
This dynamic results in an 'inflation transfer,' where the burden of higher prices shifts from corporations to workers.
Job changers have seen wages rise closer to inflation, but this often involves significant personal costs.
Low real wages contribute to diminished consumer sentiment, even with low unemployment rates.

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