Labor market experienced tremendous growth between 2021 and 2022, but much was eaten away by inflation: Change in payroll employment, nominal wages, inflation, and real wages between 2021 and 2022

Measure Percent
Payroll employment change 4.3%
Nominal wage change 5.4%
Inflation 8.0%
Real wage change -2.4%

Source: EPI analysis of Bureau of Labor Statistics Current Employment Statistics and Consumer Price Index public data series.

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