Trump Effect: Wages Drop Nationwide Despite Economic Boom
According to data released by the Bureau of Labor Statistics on Friday, wages in the U.S. fell over the past year despite an ongoing economic boom.
In the last 12 months through July, real average hourly earnings dropped 0.4 percent, the data shows.
An increase in the length of the average workweek was not enough to compensate for the fall, leaving average weekly earnings down 0.1 percent in the same period.
Over the past month alone, real hourly wages were flat, while real weekly earnings dropped 0.2 percent.
The sluggish advance in wages comes amid an economy that, by other measures, is booming.
The economy grew at an annualized rate of 4.2 percent in the second quarter, and unemployment dipped below 4 percent in July. But only CEOs and top executives are getting a raise in pay.
The dynamic could prove troublesome for Republicans hoping that a thriving economy will boost them in November’s midterm elections.