January 2025 Employment Cost Index: Slower, but Solid and Sustainable

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Federal Reserve Chair Jerome Powell recently reiterated his belief that “the labor market is not a source of significant inflationary pressures,” and the latest Employment Cost Index data did nothing to suggest otherwise. Wage growth remains solid, but employers are clearly feeling less pressure to raise pay than they did a year or two ago. While employer demand remains above pre-pandemic norms in some sectors, the labor market shows signs of balancing out

Today’s data showed a slight uptick in quarterly wage growth for private-sector workers. However, year-over-year wage growth for that group dropped to 3.6% in the fourth quarter,

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