Wages didn't keep up with inflation

Counting back from July 2020, the average weekly earnings per worker came up just short. But the huge addition of workers during the economic recovery would have been expected to dent that further.

Compare the exact same comparison from July 2019 versus April 2025, we have weekly earnings going up from $964 to $1236 (28.2%), while the inflation over that time period was 24.6%. So workers gained across even that metric over this time.

But we'd never say that the economic conditions for regular people improved between July 2019 and July 2020. Those huge job losses during the first few months of the COVID recession were devastating for regular people, even if the average earnings among people who kept their jobs shot upward. It wasn't because their wages went up, it was that the people who were the lowest earners lost their jobs. As they reentered the workforce, they were taking higher paying jobs than the ones they were previously laid off from, so that overall average stayed stable with the artificially elevated July 2020 number, through improved bargaining power during the great resignation and some recovery of union power, especially in the summer of 2023.

That's why economic conditions for regular people can't be measured by a single metric, and all the different stats need to be read together.