It’s a key question on voters’ minds heading into Thursday night’s presidential debate: How far does my dollar go in 2024?
The short answer: further than they might think.
Since February 2020, the Consumer Price Index has climbed a cumulative 20.8%, according to Bureau of Labor Statistics data. Over that same period, average hourly earnings rose 22.3%.
The chart below shows the result: Inflation-adjusted hourly earnings (the yellow line) have increased 1.5% since December 2019, indicating a net gain for workers’ average spending power.
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