For the first time in 2 years, pay is growing faster than prices

The job market may be cooling from its pandemic-era highs, but there's one important metric where workers have finally notched a win. 

After two years of crushing inflation — wiping out most workers' pay gains, American workers are seeing a reprieve. Pay is finally rising faster than consumer prices, according to data from the Bureau of Labor Statistics.

Average worker pay has grown at an annual rate of 4.4% for the last three months, beating the Consumer Price Index, which grew 3% in June and 4% in May.