> that increase in wages does not seem to be keeping up with inflation
In economics, the "real value of a good or other entity has been adjusted for inflation" [1]. The statistic above is thus inflation adjusted. Nominal wages (i.e. those not adjusted for inflation) are up close to 30% between May 2007 and May 2018 [2], or 2.3% per year [3].
In economics, the "real value of a good or other entity has been adjusted for inflation" [1]. The statistic above is thus inflation adjusted. Nominal wages (i.e. those not adjusted for inflation) are up close to 30% between May 2007 and May 2018 [2], or 2.3% per year [3].
[1] https://en.wikipedia.org/wiki/Real_versus_nominal_value_(eco...
[2] https://fred.stlouisfed.org/series/CES0500000003
[3] (26.9 / 20.84) ^ (1 / 11) - 1