That was February.
This is today:
Furman: From around April 2021 through the beginning of 2023, wages were rising less than inflation, so people were falling behind. This year wages have been outpacing inflation, so people are getting ahead.
If you look at the whole thing, people are now ahead of where they were prior to COVID. So wages have increased more than prices prior to COVID.
Where it gets tricky is, is the pace of increase—sort of, what people were used to—less of an increase in real wages than they were used to, or more of an increase [than they were used to.] . . . I think probably they’re a bit below trend. Which is to say, yes, people’s wages are outpacing inflation. But they were outpacing it by even more in the couple years before COVID, so there’s a real reason to be disappointed by where we are. . . .
But unambiguously, wages have risen more than prices.