Annual inflation rate slows to 2.9% in July, lowest since 2021

[Johnny2X2X]

6. I think it still stems from Covid

Covid made low wage workers re-evaluate their priorities, they weren't going to risk their lives for starvation wages anymore. The wage growth has been significantly more pronounced with lower wage workers. In fact, the bottom 10% of earners saw the biggest growth in wages, the top 10% actually saw wages go down.

So I think you had restaurant and factory workers put their foots down and say, "I'm not doing this for $11 an hour anymore when I can go to Costco or Amazon and get $20 an hour."

My entire life, I was told that "the rich get richer and the poor get poorer, and nothing will change that." Well, the numbers show that the last 4 years that wasn't true. The bottom 50% saw their net worth increase by more than the top 1%. The bottom 10% wage earners saw raises while the top 10% saw wages go down.

And there is still a worker shortage, especially highly skilled workers. My company is doing everything they can to retain talent. Robust raises, expanded bonuses, stock awards, etc. etc. You cannot afford to let top end talent leave.