You're probably right, but one caveat: this graph shows average hourly earnings, which may not account for inequality. If some percentage of the population has had their wages rise much faster than everyone else, it could be that most people have had their real wage decline, while the average is still above CPI growth.

Now that I think about it, it also tracks hourly earnings, and if a non-insignificant people work hourly, but have been scheduled less hours (due to automation, or reduced need for labor), then their hourly earnings may have gone up, but their take-home pay gone down.

If anyone has any statistics for either of these, that would be very useful.