Beneath the CPI, a little whiff of Stagflation

CPI ramps, but real hourly earnings decline

Okay, it’s another ‘Inflation Friday’ as the November CPI ramps (click graphic, get report)…

So the headline is the big inflation number. But the sub-headline is the poor real hourly earnings number of -.4%, even as nominal earnings increased.

All employees

Real average hourly earnings for all employees decreased 0.4 percent from October to November, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.3 percent in average hourly earnings combined with an increase of 0.8 percent in the Consumer Price Index for All Urban Consumers (CPI-U).

This may be the seeds of…

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