US paychecks aren't growing as quickly. That's good for the Fed — but not for workers | CNN Business

Wages and benefits paid to US workers rose 1% in the second quarter from the prior one, a slightly weaker pace than the 1.2% gain in the first three months of the year. The Employment Cost Index, a comprehensive measure of employers’ compensation costs, advanced 4.5% in the second quarter from a year earlier, a slower pace than the 4.8% rise earlier in the year.

Monitoring the tight labor market The Fed is closely watching the state of the labor market because of the role that higher labor costs play in pushing up consumer prices. Demand for workers remains high, with job openings still hovering above pre-pandemic levels, though they have tumbled from a record high reached last year.

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