Real average hourly earnings for all employees decreased 3% from September 2021 to September 2022
Inflation continues to be the biggest problem confronting the U.S. economy.
There was one bit of good news from the report: Social Security recipients will be getting a BIG raise next year. For those who are still working, average hourly earnings as of September were up 5% annually, which means that most are not keeping pace with even the core rate of inflation, let alone the headline rate.
For example, the range of income on which tax rates are applied could expand, helping some earners shield some of their income from the next tax bracket. Conversely, there are many workers who will see more of their pay subject to the 6.2% Social Security tax.
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