Pay and benefits for America's workers grew at a healthy but more gradual pace in the final three months of 2022, a third straight slowdown, which could help reassure the Federal Reserve that wage gains won't fuel higher inflation.
FILE - Hiring signs are displayed at a grocery store in Arlington Heights, Ill., Friday, Jan. 13, 2023. On Tuesday, the Labor Department reports on wages and benefits for U.S. workers during the October-December quarter.
In last year’s first quarter, total worker compensation had jumped 1.4% — the most on records dating to 2001. Before then, quarterly compensation growth had rarely topped 1%. “The Fed is still likely to keep raising interest rates at the next couple of meetings, but we expect a further slowdown in wage growth over the coming months to convince officials to pause the tightening cycle after the March meeting,” said Andrew Hunter, an economist at Capital Economics.
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