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UK workers must accept lower pay deals to help beat inflation, says Bank ratesetter
(www.theguardian.com)
this post was submitted on 08 Feb 2024
127 points (97.7% liked)
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The Fed was explicitly targeting so-called "wage inflation" when they did their rate hikes. Our wages have been cut over the last 40 years when you adjust for inflation, and nobody's worried about that. Our wages start creeping up and the Fed takes a five alarm shit in the bed and tries to shut the economy down.
US wages have gone up almost 10% in two years.
Compensation costs for civilian workers increased 4.2 percent for the 12-month period ending in December 2023 and increased 5.1 percent in December 2022. Wages and salaries increased 4.3 percent for the 12-month period ending in December 2023 and increased 5.1 percent for the 12-month period ending in December 2022.
I don't know about the us, but Germany had an inflation of 10% last year. Suddenly the rise of 10% over 2 years doesn't look so big.