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Real Wages Crash, Destroying the Idea that We're in a Labor Shortage

Real Wages Crash, Destroying the Idea that We're in a Labor Shortage

Average hourly earnings were 2.7 percent higher in July compared with a year ago, according to data released Friday.

Average weekly earnings rose 3 percent.

After adjusting for inflation, average weekly earnings fell 0.2 percent in July compared with the prior month and were close to flat for the year.

Inflation adjusted average hourly earnings were unchanged for the month.

Compared with a year ago, inflation adjusted hourly earnings fell two cents.

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