Why aren’t wages keeping up with inflation?

Real median household income might be a better indicator: https://fred.stlouisfed.org/series/MEHOINUSA672N

This one only goes back to the 80s, unfortunately. But in that time there's been a leveling of share of workforce by gender: https://www.dol.gov/wb/stats/newstats/facts/women_lf.htm#one

Supply of labor has almost increased rapidly relative to historical norms. I don't know how that translates into supply of labor vs. demand for labor but household income is a better metric. The trend you described holds. Also interesting that for the last three recessions, there's been a dip in real med hh income 1 year or so prior to the recession.

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