That’s finally starting to change now that inflation is waning. In June, for the first time in 26 months, US workers’ real weekly earnings grew on an annual basis, according to data released this week from the Bureau of Labor Statistics. Annual real weekly wages were up 0.6% last month, a rate that’s a tick below the 0.7% gain seen in February 2020. June also marked the second consecutive month of year-over-year real hourly wage growth — the first back-to-back months of gains since early 2021.
“The Fed does not want to repeat the mistake of the 1970s, when they stopped the tightening and inflation bounced back up,” said Sung Won Sohn, professor of finance and economics at Loyola Marymount University and chief economist at SS Economics. Fears of a dreaded “wage-price spiral” — when rising wages and prices feed into each other — have made a bogeyman out of wage growth.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Barbie made a surprising comeback | CNN BusinessThe name “Barbara Millicent Roberts” may not ring a bell, but say her nickname — Barbie — and people of all ages know her. Created by Mattel in 1959, Barbie doesn’t look a day over 19.
Source: CNN - 🏆 4. / 95 Read more »
A 10-day UPS strike could be the costliest in US history | CNN BusinessA 10-day UPS strike could cost the US economy $7.1 billion. That could make it the costliest work stoppage ever in US history, according to an estimate from a Michigan economic research firm that studies the costs of labor disruptions.
Source: CNN - 🏆 4. / 95 Read more »
Rare Singapore corruption probe widens to include Grand Prix owner | CNN BusinessA corruption investigation in Singapore has expanded to include Ong Beng Seng, a hotel tycoon best known for bringing the Formula 1 Grand Prix to the wealthy city state.
Source: cnni - 🏆 326. / 59 Read more »
Homebuyers must 'learn to live' with near-7% mortgage rates, says RE/MAX chairman | CNN BusinessMortgage rates climbed to 6.96% during the week ending July 13, up from 6.81% the week before, Freddie Mac said Thursday. RE/MAX chairman Dave Liniger said homebuyers may be “stuck” with such interest rates for the foreseeable future.
Source: CNN - 🏆 4. / 95 Read more »
Federal appeals court rules Microsoft can close its Activision merger | CNN BusinessA federal appeals court said it will not block Microsoft from closing its $69 billion acquisition of Activision Blizzard, handing the Federal Trade Commission its second major defeat this week in a case involving the future of the video game industry.
Source: CNN - 🏆 4. / 95 Read more »
'There is no Coco Chanel': Lawsuit accuses Shein of copyright infringement | CNN BusinessThree graphic designers are suing Chinese fast-fashion giant Shein over what they allege is “egregious” copyright infringement and racketeering.
Source: cnni - 🏆 326. / 59 Read more »