Wage growth is still not coming super quickly.
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. Last month’s jobs report showed some improvement, with wages rising 2.3% over the prior year.
In the December jobs report, wages grew 2.5% year over year. While this is tied for the highest post-Great Recession growth rate, it’s somewhat lower than was expected: