A maskless shopper browses for produce in the Erewon Market in the Abbott Kinney / Venice neighborhoods of Los Angeles, CA on June 15, 2021. /Sipa USA/Brian Feinzimer
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Sipa USA/Brian Feinzimer
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Jason Furman (PIIE) and Wilson Powell III (Harvard Kennedy School)

Prices have risen faster than worker pay, causing real worker compensation to fall below its pre-pandemic level. Whether the trend will reverse and real compensation will bounce back depends on the labor market recovery, whether employers increase pay, and the rate of inflation.

The Peterson Institute for International Economics building is closed to staff and visitors until further notice. PIIE personnel are working remotely, with access to telephone messages.

Photo Credit: 
Sipa USA/Brian Feinzimer

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