economy
Pay for American Workers is Lagging Inflation
Roughly three-quarters of Americans say their incomes are lagging behind inflation, according to a CBS News poll.
TL;DR
- 76% of Americans report their incomes are lagging behind inflation.
- Consumer prices rose 3.8% annually in April, while wages grew 3.6%.
- Surging gasoline prices, up over 28% year-over-year, are a major driver of inflation.
- Steeper U.S. tariffs on imports are also contributing to rising prices.
- Higher fuel costs are impacting the pricing of other consumer goods.
- Economists express concern that reduced consumer spending could lead to lower economic growth.