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The most recent data allow us to calculate individual wage growth from second quarter 2021 to second quarter 2022.
Chart 1 shows the distribution of wage growth for this period. The first thing to note is the wide range of wage movements. Over the 12-month period, some workers more than doubled their wages, while others suffered wage cuts.
While the past 25 years have witnessed episodes that show either a greater incidence or larger magnitude of real wage declines, the current time period is unparalleled in terms of the challenge employed workers face.