Surging inflation resulted in an effective pay cut for American workers during the month of October, despite an increase in wages, according to monthly figures released Wednesday by the Bureau of Labor Statistics.
Real average hourly wages, a measure of income adjusted for the cost of goods and services, declined 0.5% for all employees from September to October, according to the bureau. Real wages are down 2.2% since January and have declined in eight of the last 10 months. READ MORE