Consumer prices are rising quickly in the United States. But workers aren’t seeing big pay hikes despite becoming more productive. Federal Reserve Chairman Kevin Warsh delivered an update on the U.S. economy to lawmakers on Capitol Hill in July. His comments on AI and economic growth foreshadow how workers may fare moving forward. CNBC's Matt Peterson and Jeff Cox report. Credits: Reporters: Matt Peterson, Jeff Cox Produced and Edited by: Carlos Waters Animation: Jason Reginato, Emily Park Senior Managing Producer: Shawn Baldwin Additional Footage: Getty Images Chapters: 00:48 Wages 01:47 Economic growth 03:28 Interest rates » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to get ahead at work? Then you need to learn how to make effective small talk. In CNBC’s new online course, How To Talk To People At Work, expert instructors teach you how to use everyday conversation to gain visibility, build meaningful relationships and advance your career. Sign up now: https://cnb.cx/4sGlSkh Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #cnbc Why Workers Stopped Getting Big Raises