Morning Business Report: Wage growth catches up with inflation
For two years, inflation has outpaced wage growth and economic mobility has stalled for many U.S. workers. However, May’s inflation report showed that the tables could be turning. In May, prices rose by only 4%, when compared to May 2022. That’s less than expected. In comparison, average hourly wages were up 4.3%. Meanwhile, renters are about to catch a break….