Most Americans won’t get a big enough raise this year to keep up with inflation.
With consumer prices up 8.6% in May compared with a year ago, it’s hard to know what counts as a decent bump in salary. As higher prices for gas, food, and rent eat into our budgets, consumers are having to recalibrate the notion of value for nearly everything they buy. The same is true for the value of work, especially in a tight labor market where strong job growth and a 3.6% unemployment rate have prompted companies to spend to retain employees.
