Inflation Gives Illinoisans A Massive Pay Cut
(The Center Square) – With the highest inflation rates in 40 years, most Illinoisans' wages are not keeping up. According to the Illinois Policy Institute, the average worker in Illinois needed a pay raise of $5,360 to match the price increases on goods and services this past year, but the average worker received a raise of $3,164. Essentially, the average Illinoisan took a pay cut of $2,200. “We do know that wage growth is slower in Illinois than in other states,” said Bryce Hill, senior research analyst for the Illinois Policy Institute. “It is very likely that inflation is taking a larger chunk out of Illinoisans' income than it is in other states.” Most of the U.S. has been seeing just “slight or modest” economic growth over the past two months, according to a Federal Reserve report released Wednesday. In addition to broader views on the economy, the report said most districts showed price increases rising at a “strong or
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