The high-octane stimulus-fueled economic rebound combined with the “Great Resignation” labor crunch has forced U.S. employers to lift wages sharply to attract and retain staff, but while January’s over-the-year wage gains are positive in nominal terms, they disappoint in real terms as the red-hot pace of inflation means many American workers got an effective pay cut. Average hourly earnings of all private-sector employees rose by 23 cents to $31.63 in January, for an over-the-year increase of 5.7 percent, according to the latest earnings data from the Bureau of Labor Statistics (BLS). The number came as an upside surprise to forecasters, who expected a more modest 5.2 percent rise after wages grew 4.9 percent in the 12 months through December. American workers are sure to see the earnings bump a welcome development and confirmation of a boost in their bargaining power. Yet surging prices have more than erased those gains, pushing inflation-adjusted earnings, or real wages, …