WAGES ARE UP, BUT PRICES ARE UP MORE: Workers Lose Ground to Inflation Despite Wage Gains. “Worker pay actually fell the past two years after accounting for inflation. Inflation-adjusted average hourly earnings—or real earnings—were down 1.7% in December 2022 from a year earlier, following a 2.1% decline in December 2021.”

Plus:

Despite the possible return of real wage gains, workers could suffer if the economy tips into recession this year, as many economists expect. A recession would likely lead to layoffs and push up the unemployment rate from December’s 3.5%. Fed officials see the unemployment rate rising to 4.6% by the end of the year.

“If you retain a job you’ll be in better shape,” said Kathy Bostjancic, chief economist at Nationwide. “It’s just that there’s going to be an increased risk of layoffs for this year.”

Well, okay then.