Real wages turn negative again as pay growth trails inflation
US workers are losing purchasing power again: real wages fell 0.4% in Q2 2026, the first decline since 2022, as 3.4% July inflation outraced 3.2% pay growth. New University of Chicago research using ADP payroll data shows standardized ~3% annual raises can't keep up when prices spike, repeating the 2021-22 squeeze.