Hey there, happy Monday. Friday’s jobs report was disappointing not just for the 23,000 positions this economy lost in July, but what the remaining jobs pay: Average hourly earnings grew 3.2%, the slowest pace in five years.

Declining wage growth mixed with high inflation means consumers are losing purchasing power  — a pay cut, in real terms. We’ll learn exactly how much this week: The July consumer price index is out Wednesday, wholesale inflation Thursday, and new July retail spending Friday.

Today, we’ll look at where things stand and assess the Trump administration’s pre-spin on all this. Plus, some interesting data on where Americans turn for financial advice. — Tony Wagner, newsletter editor  

P.S. “Marketplace” host Kai Ryssdal will be answering your questions about inflation on Instagram later this week! Send them over, don’t be shy.

Prices were rising by 2.7% year-over-year this time in 2025, while workers’ average hourly pay was growing by 4%. Fast forward to now: Prices are rising 3.5% year-over-year, but wage growth has slowed to just 3.2%.

“Real earnings” — that is, pay after accounting for inflation — actually turned negative back in April.

“Consumers aren’t going around doing that calculation,” said Johnny Sawyer, senior research manager at public-opinion firm Ipsos. “But what they do know is that the cost of living is up, and they feel like the economy’s not doing well.”

And employers aren’t under much pressure to increase wages, because workers are staying put, even in the face of anemic raises, said Amy Glaser, senior vice president at staffing firm Adecco.

“Employees are really looking for security,” Glaser said. “And we’ve seen wages slow — you’re not seeing these huge sign-on bonuses.”

So, as purchasing power is eroded, what are consumers doing?

“A lot of people have been forced to dip into savings and take on debt,” Glaser said.

The four WPBL teams are playing their inaugural season in Springfield, Illinois, a city with a special place in women’s baseball history. Stein told Marketplace’s Kimberly Adams how the brand-new league’s business works, why tickets are $52 apiece and what he’s looking forward to next season (two more teams, for starters).

Speaking of wages and inflation, Treasury Secretary Scott Bessent was on CNBC last week insisting “The K-shaped economy is over.”

Instead of diverging, low- and high-income Americans are seeing their respective wages grow together — a “C” rather than a “K,” Bessent said. We’ll see what the numbers tell us this week, but so far economists are not convinced.