Red-hot inflation has more than eroded the wage gains of Americans for the sixth month in a row in March, effectively giving a pay cut to many workers who saw their paychecks expand on paper but shrink in real terms.
The Bureau of Labor Statistics (BLS) said in a recent release that the average hourly earnings for all U.S. employees grew 0.4 percent month-over-month in March in nominal terms. But when combined with a 1.2 percent pace of inflation in March, this means American workers saw their real—or inflation-adjusted—hourly earnings drop by 0.8 percent.
March marked the sixth straight month of falling inflation-adjusted hourly earnings and the sharpest drop in the past year.
…