"Americans should feel confident that inflation will come down to levels that will no longer really be noticeable or worrisome to them," Yellen told CBS News.

As of the end of 2023, the typical U.S. worker could afford the same goods and services as in 2019, prior to the pandemic, and had an additional $1,400 to spend or save per year, according to a January analysis by Treasury officials.

Demar Byas of Pontiac, Michigan referred to experts touting the nation’s economic performance as a “slap in the face.”

“You’re celebrating these numbers, but we are struggling,” said Byas, who juggles several jobs to make ends meet. “It’s no relief in sight, and just say those numbers and to celebrate that, and as I said stuff becomes a slap in the face.”

  • derf82@lemmy.worldEnglish
    9·
    9 months ago

    My employer hands out raises April 1. They are largely the same for everyone.

    April 2021: 2% Inflation the prior 12 months: 3%

    April 2022: 2% Inflation the prior 12 months: 8%

    April 2023: 2% Inflation the prior 12 months: 4%

    Upcoming April 2024: 2% Inflation up to January: 2% (sure to get at least to 3% by March, considering the latest annualized numbers are around there)

    So my last 3 and at least my next raise will be below inflation. CPI up ~21% by April 2024. Wages only up 8.2%. I’m now going to be down some $11,000 a year. And that ignores that some necessities (notably food) are outpacing the CPI.