New York Times (05/05/23) Smialek, Jeanna
Average hourly earnings climbed by 4.4% in the year through April, according to the U.S. Bureau of Labor Statistics. That compared with 4.3% in the previous month, and was more than the 4.2% that economists had expected. The increase in wages compared with the previous month—0.5%—was the fastest since March 2022.
Pay for production and nonsupervisory workers climbed by 5.0% in the year through April. That number has continued to gradually moderate, even as the slowdown in the overall Employment Cost Index has stalled. The data underscored that the U.S. Federal Reserve faces a bumpy road as it tries to slow the economy and bring inflation under control.
This article originally appeared on nytimes.com. Use this link to see the full article: Wages Grow Steadily, Defying Fed’s Hopes as it Fights Inflation