U.S. Workers Face Decline in Real Wages Despite Pay Increases
A recent analysis by MyPerfectResume reveals that although U.S. workers have seen an 18% increase in wages from 2020 to 2024, rising consumer prices have offset these gains, resulting in a 21% increase in consumer prices over the same period. This has led to a decline in real buying power, with only nine states experiencing real gains after adjusting for inflation and cost of living. Idaho, Florida, Washington, Montana, and Wyoming are among the states where workers saw increases in real buying power, ranging from 1.8% to 3.1%. However, the typical worker is now earning about 2.6% less in real terms than four years ago. The rising costs of housing, groceries, energy, and other essentials have contributed to this decline in purchasing power. 
