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: U.S. wages are soaring, but high inflation is not leaving workers much better off

Inflation in the U.S. was already running at the fastest pace in 30 years. Now rapidly rising wages are adding to the upward pressure on prices.

Hourly pay for the average worker rose sharply again in September, pushing the increase over the past year up to 4.6%. Businesses are paying more because of a huge shortage of labor that’s hampering their growth.

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