“Federal Reserve microphone” Nick Timiraos: Over the past year, pay growth has cooled slightly. Excluding motivational pay occupations, private sector pay increased 3.1% year-on-year in the third quarter, down from 3.4% in the same period last year, and the slowest growth rate since the first quarter of 2021.

“Federal Reserve microphone” Nick Timiraos: Over the past year, pay growth has cooled slightly. Excluding motivational pay occupations, private sector pay increased 3.1% year-on-year in the third quarter, down from 3.4% in the same period last year, and the slowest growth rate since the first quarter of 2021.