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Real Wage Growth at the Individual Level in 2022
Overall, 54% of workers’ nominal wage growth didn’t keep up with inflation over the past year. But young workers, low-income workers and job switchers tended to fare better than others.
Real Wage Growth at the Micro Level
This paper investigates patterns in real wage growth in 2022 to determine whether wages have kept up with rising price levels, and how this differs among labor market participants. Using the CPS for wages and imputing expenditure data from the CEX, we measure separately nominal wage growth and inflation rates at the micro level. We find that there is more heterogeneity in the former, meaning that when we combine them, an individual’s real wage growth is primarily driven by their nominal wage growth. In 2022, 57% of individuals experienced negative real wage growth, with older and less ...