U.S. inflation-adjusted pay fell 0.2% in year to July

U.S. inflation-adjusted average pay for all employees fell 0.2% in the year to July 2026, the Bureau of Labor Statistics reported. That means an hour's work bought slightly less than a year earlier. Pay was up 0.1% in the year to June. I see this as a narrow shift from just above to just below zero, not a trend yet.