You’re Probably Getting a Raise, But Still Falling Behind
Workers are using pandemic leverage to bargain their best wage growth in decades, only to lose out to the rate of inflation.
A demonstrator during a recent strike against Kellogg Co. in Battle Creek, Michigan.
Photographer: Elaine Cromie/BloombergTo get John Authers' newsletter delivered directly to your inbox, sign up here.
Welcome to a Points of Return that will be much briefer than usual, for reasons beyond my control. The latest risk-off move in markets, with both bond yields and tech stocks down, appears to be about Vladimir Putin rather than the central market story about the attempt to rein in inflation. As with any game of brinkmanship, there is a chance that the situation in Ukraine could cause a lot of damage, and a greater chance that it won’t. I don’t have anything to add on that subject for now.