Aug 10, 2018 - Economy

American wages fall as unemployment rate remains steady

President Trump

President Trump. Photo: Brendan Smialowski/AFP via Getty Images

President Trump's economy has steadily held unemployment rates to record lows, but American average hourly earnings have increased just 2.7% while inflation has increased 2.9%, according to data from the Department of Labor.

The big picture: Inflation is taking chunks out of American wages because of low rates stemming from the 2007-2009 recession, reports Bloomberg. Workers are also prioritizing job security over higher wages. Axios' Dan Primack explains the economy seems to be bifurcating a bit in wages. It's climbing for needed skills like tech workers and truckers but not for everyone else.

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