The Fed is closely watching upward wage pressure in core services, excluding the housing market. Apparently, so is the White House.
upward wage pressure in core services, excluding the housing market. Apparently, so is the White House.
Today, President Biden's economic advisers released data that shows a notable slowdown in wage gains across those sectors.: It's rare to see the White House tout slowing wage growth, but developments there could set the path for how inflation evolves., the White House Council of Economic Advisors outline a time series they constructed, which they argue better measures wage growth in industries within the core non-housing services .
Their data shows average hourly earnings rose at a peak 8% annual rate for production, non-supervisory workers in those industries early last year. For all private-sector workers in these industries, it was 7%. But as of December, both of these measures of average hourly earnings growth had slowed down — rising at a roughly 5% annual rate.
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