While workers won’t be happy that the pay boosts still aren’t keeping up with inflation, the deceleration will likely please the Federal Reserve, which meets this week to determine how much more to hike interest rates. Wages and salaries for civilian workers increased by 1% in the fourth quarter and by 5.1% for the year ending in December, according to the Bureau of Labor Statistics’ quarterly Employment Cost Index released Tuesday.
2% over the year ending in December. They had fallen 3% for the year ending in September. The Fed keeps a close eye on the Employment Cost Index to monitor the extent to which skyrocketing inflation is boosting wages — a factor in its decision of how much and how fast to raise interest rates.
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