3 reasons workers still aren't making as much money as they would have in a pandemic-free world
"The wages and salaries are nearly back to their pre-pandemic trend — not there quite yet — but certainly moving in the right direction. And that's really promising," AnnElizabeth Konkel, an economist at Indeed, told Insider.
That means that recovery isn't quite complete. It's not bad news, but instead shows some of the factors that are still impacting the economy — and the data provides clarity on programs boosting Americans' incomes. For instance, the first round of Child Tax Credit payments made up over 1% of personal income in July, according to Indeed's calculations.
The following chart, replicated from Indeed's analysis of the latest Bureau of Economic Analysis, shows aggregate wages and salaries were closer to pre-pandemic trends than they were in previous months. Aggregate wages and salaries were $10.25 trillion in July. As seen in the chart, that means wages and salaries were only 0.8% below the pre-pandemic trend in July. In June, wages and salaries were 1.4% below the pre-pandemic trend. Despite a glimmer of hope this summer, the pandemic is still raging
"The number one reason why they're still below that trend and haven't met it is that we're still in a pandemic," Konkel said.
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