If it's inflation day, it's also earnings day. And earnings increased nicely in November:
These are both pretty good numbers: high enough to mean real gains for workers—especially after the big August decline—but not so high that it's likely to worry the Fed too much.
Since the start of the pandemic, overall wages are now up 1% compared to the rate of inflation and nonsupervisory (blue collar) wages are up 3%. That's not gangbusters, but it's better than nothing. Inflation may have been high for a while, but wage gains were even higher.
Now do corporate profits. Here's a preview: https://www.axios.com/2023/11/30/corporate-profits-q3-2024
They were just "passing on higher costs" to consumers. Uh huh.
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