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For Americans earning the minimum wage, surging inflation is making their dollar the weakest it’s been in more than a decade.
On the surface, the labor market seems to finally be benefitting low-income workers. Wage growth surged to the fastest pace since the 1980s through April and May. Businesses are increasingly using signing bonuses and other incentives to attract workers. And quits soared to a record high in April, suggesting Americans are confident in their chances at finding a better job.
But that encouraging trend is reversed — and then some — by booming inflation details ⇒
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