Wage growth since the Great Recession has remained fairly low, hovering around just 2%. This is most likely not high enough to support the Fed’s stated inflation target of 2% year-over-year.
Over the past few months, wages have grown at a somewhat faster rate than this, reaching a post-crisis high of 2.6% in June.
According to the July jobs report, released Friday, wages grew by 2.6% over the prior year, equal to last month’s reading and in line with expectations.
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