“Federal Reserve microphone” Nick Timiraos said: After the economic restart brought about a boom in growth in 2021, wage growth in the private sector declined somewhat, and since then it has remained stable at around 3.5%. Information from the third-quarter employment cost index shows that overall pay growth has slowed, mainly reflecting the delayed effects of wage adjustments for state/local government workers — their salaries have risen sharply several years later than private sector workers. There has been little change in wage growth for union members and non-union members this year.

“Federal Reserve microphone” Nick Timiraos said: After the economic restart brought about a boom in growth in 2021, wage growth in the private sector declined somewhat, and since then it has remained stable at around 3.5%. Information from the third-quarter employment cost index shows that overall pay growth has slowed, mainly reflecting the delayed effects of wage adjustments for state/local government workers — their salaries have risen sharply several years later than private sector workers. There has been little change in wage growth for union members and non-union members this year.