[Hoot Gibson]

The real average hourly earnings for all employees dropped by a full 1.0% from May to June, according to the Biden administration's own BLS. Remember when Biden and his administration claimed that the soaring inflation rate was transitory a year ago?

JUST IN: Inflation Spikes To New 40-Year High Of 9.1%, Real Average Hourly Earnings Drop 1.0%

Inflation far outpaced economist expectations, spiking to a new 40-year high of 9.1% in June, a staggering number that helped drive down the real average hourly earnings for all employees from May to June by a full 1.0%.
The latest numbers from the Bureau of Labor Statistics (BLS) indicate the nation is deep into the throes of a financial crisis with little signs of letting up.

Once again, the data shows the biggest contributors to the rise in prices come from gasoline (11.2% in June, 59.9% year-over-year), shelter (0.6% in June, 5.6% year-over-year), and food (1.0% in June, 10.4% year-over-year) – all essential items necessary to simply exist.

The 1.3% spike on all items in June helped inflation hit 9.1% and far exceed the 8.8% Dow Jones estimate.

And while the 9.1% inflation rate clearly demonstrates the cost of nearly everything is going up, a natural result is a decrease in how far your paycheck is going, creating a double whammy for American wallets and pocketbooks.

“Real average hourly earnings for all employees decreased 1.0 percent from May to June,” the BLS report states.