An economic report for a country indicates that over the past year, the average nominal wage for workers increased by 3%, while the general price level for goods and services rose by 5%. Based on these two statistics, what is the most accurate conclusion regarding the average worker's economic situation?
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An economic report for a country indicates that over the past year, the average nominal wage for workers increased by 3%, while the general price level for goods and services rose by 5%. Based on these two statistics, what is the most accurate conclusion regarding the average worker's economic situation?
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