Incomes Rising Faster Than Inflation Across US: Joint Economic Committee Democrats

Published on June 20, 2024

Wages and salaries have been rising faster than inflation throughout the country since January 2021, according to a new report released Thursday by Joint Economic Committee (JEC) Democrats. The JEC is a congressional advisory panel consisting of a mix of 20 Democrats and Republicans from the House and Senate. Using Bureau of Economic Analysis and Bureau of Labor Statistics data, JEC Democrats reported that average wages and salaries have climbed by nearly $16,700 between January 2021 and April 2024. This means wage and salary growth has outpaced inflation by nearly $3,800 over the last three years, they explained. “New calculations show that wage growth outpaced price growth in nearly every state through the end of 2023,” the report stated. “It is clear that while costs have risen due to pandemic disruptions and global conflicts, incomes have grown faster.”...

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