Rate of wage growth falling as inflation remains high

The pace of workers’ wage growth has been slowing in recent months as inflation keeps cutting into consumers’ paychecks across the country.

The average hourly earnings for all private employees increased by 0.3% in April, lower than economic forecasters had expected, according to recently released data from the Bureau of Labor Statistics. However, nominal earnings have grown by 5.5% on an annual basis.

The 0.3% growth in average hourly earnings in April was down from 0.5% in March and 0.6% in January. April’s jobs report showed that the three-month rate of growth, adjusted for compositional changes, is 3.8%, according to an
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