Pay Has Climbed Quickly, but Not as Fast as Prices
Year-over-year percentage change in the Employment Cost Index, a measure of labor costs, and the Consumer Price Index, a measure of living costs
A chart with two lines, one representing labor costs, measured by the year-over-year change in the Employment Cost Index, and one representing living costs, measured by the the year-over-year change in Consumer Price Index, from the beginning of 2018 to the first quarter of 2023. Labor costs have gone up since prepandemic, but until recently, living costs have risen faster.
