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This year could be different. Earnings and inflation trends have improved as a strong labor market and cooling price increases boosted household purchasing power, said Bill Adams, chief economist at Comerica Bank.

Shifting into the present and into the future, the prospects are better for wages to make up for some of the ground lost during the last couple of years, Adams said.

Wage growth for the typical worker outstripped inflation starting in December 2022, with inflation-adjusted wages rising about 3% in July, according to data from the Atlanta Fed Wage Tracker and the Labor Department.

Thanks, Biden!