Workers Lose Ground to Inflation Despite Big Wage Gains

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Worker pay increases fell behind inflation in 2022 for the second year in a row, leaving households worse off despite historically strong pay gains.

But recent data suggest a shift is under way, with paycheck totals gaining ground as inflation eases. Whether the trend continues in 2023 depends on the path of the economy, which is cooling as the Federal Reserve raises interest rates and faces the risk of a recession.

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