Wages are increasing but not keeping up with inflation, Labor Dept. finds
Published: Oct. 29, 2022 at 1:33 PM CDT
(CNN) - It appears workers are getting paid more, but inflation may have them feeling like they are getting paid less.
The Bureau of Labor Statistics released its quarterly employment cost index Friday. It showed wages are increasing but not keeping up with inflation.
Wages and salaries for workers rose 1.3% in the third quarter and over 5% in the year ending in September.
However, that’s when you don’t add in inflation.
When the numbers are adjusted for rising prices, wages and salaries have actually declined 3% over the year.
The costs for employers are also rising.
Paying for wages and benefits cost employers over 1% more in the third quarter, not accounting for inflation.
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