St. Louis Fed, Report: Real Wage Growth at the Individual Level in 2022

“Overall, for 54% of workers, nominal wage growth has not kept up with inflation. Typically, the share of workers with real wage declines ranged from 42% to 48% from the mid-1990s up to 2019, according to the Dallas Fed. Here, we took into account variation in consumption baskets and found that it does not play a large role in differences across individual real wage growth. However, young workers, low-income workers and job switchers tended to fare better this past year due to their higher-than-average nominal wage growth.”