Inflation driven by rising energy prices can erode real wages even when nominal income remains flat, as demonstrated by the April inflation report showing a 3.8% rate (3.3% core) that wiped out wage gains while income levels stayed stagnant.
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report okay. Lauren, you got >> April saw a big jump in inflation tied to gas prices. The Fed's preferred inflation gauge hitting 3.8% in line with expectations, a 3-year high and a big step up from 3.5% in March.
Okay, take out energy, take out food, your core level, a more modest 3.3%.
Bottom line here is the report is little comfort for those hoping the Fed would cut rates and little comfort for those on Main Street. Inflation is wiping out wages. If you looked at the income levels last month, flat. Spending levels way up and then we got the GDP read, the revision for the first 3 months of the year uh revised down to 1.6%.
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