Dallas federal reserve bank and labor data shows disparity.
Purchasing power in the U.S. is experiencing further shrinkage despite higher wages. The Federal Reserve Bank of Dallas has reported that the continued rise in inflation has outpaced recent pay growth. The rate of the pay increases for 53 percent of workers in 2022 has come to less than half the rate of inflation.
According to the Bureau of Labor Statistics, the Consumer Price Index has increased by more than 8 percent year over year. The 5.1 increase in wages pales compared to food prices rising over 11 percent and energy prices up nearly 20 percent.
As the Lord Leads, Pray with Us…
- For discernment for Chairman Powell and the members of the Federal Reserve Board.
- For Commissioner Beach as he manages the Bureau of Labor Statistics.
- For wisdom for Secretary Walsh as he oversees the Labor Department.
Sources: Wall Street Journal, Fox News
