Trump wants to "make America wealthy once again:" Here's how wages have changed

Former President Donald J. Trump wants to "make America wealthy once again." That was the theme for day of one The Republican National Convention. Economic policies, inflation, regulation and trade deals, were the focus of Monday's speeches, according to the GOP.

Is pay keeping up with inflation? Are Americans on a path to become wealthier? Here's what we found:

The average hourly wages of employees rose in June compared to a year ago. The Bureau of Labor Statistics found that wages grew 3.9% between June 2023 and June 2024, quicker than the rate of inflation. Although the news is beneficial to employees, many Americans still feel the burden of rising costs of living.

Wages outpace inflation

Inflation has risen quickly, but wages have increased even faster.

The Consumer Price Index, a measurement of the change in price of goods and services, has increased 20.8% since the beginning of the pandemic, according to Bureau of Labor Statistics. During that same period of time, average hourly earnings increased 22.3%.

It's normal for prices to rise throughout the U.S. economy each year: A small amount of inflation is a sign of a healthy economy, Bankrate reported . Small amounts of inflation can help businesses grow through hiring and increases to consumer wages.

The fed currently targets a 2% annual inflation rate.

CPI report: Inflation slowed more than expected in June as gas prices fell, rent rose

Does wage growth cover rising costs of living?

A survey from Bankrate found that nearly two-thirds of Americans experienced increased wages at some point between October 2022 and the end of October 2023. About 38% said they got a pay raise and 16% got a better-paying job.

A survey from Bankrate found that between October 2022 and the end of October 2023:

• Nearly 66% of Americans experienced increased wages at some point
• About 38% said they got a pay raise
• 16% got a better-paying job

Price growth for some common purchases is slowing or even reversing, there are few parts of the economy where prices are outright lower today than pre-pandemic. And while average pay gains have narrowly outpaced inflation, that’s not the case for every household.

See where yours ranks: The 5 states with the highest inflation and the 5 with the lowest.

Only a third of workers from the survey who had a pay increase reported that their income kept up with, or exceeded, increases in their household expenses due to inflation.

People working in retail and the food service industry are especially vulnerable to feeling the effects of inflation, experts say.

Sarah Foster, a researcher with Bankrate told NBC , "Those (service industry jobs) are those lower-wage industries where, you know, maybe you are, on a technical standpoint, beating inflation, but you're also in this lower wage sector that likely had you living paycheck to paycheck even before inflation surged."

This article originally appeared on USA TODAY: Trump wants to "make America wealthy once again:" Here's how wages have changed