#real-wages

#real-wages

From 2020 to 2024, consumer prices for things like housing, groceries, energy, and everyday essentials climbed 21%, as measured by the consumer price index. During that same period, the average American worker's pay rose 18%, from about $64,000 to $75,600, according to figures from the Bureau of Labor Statistics.

The TUC said that Rachel Reeves must deliver a living standards budget on Wednesday to ease the pressure on working households whose incomes have remained stagnant in more than a decade. Analysis by the unions showed working people were just 12 a week better off compared with 2008 after a painful Tory pay hangover. Real wages grew at an average of just 0.04% each year under the Conservative government between May 2010 and April 2024, it found.