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Private sector workers likely will see little or no change in annual wage increases in the coming months, according to the revised third-quarter wage trend indicator released today by Bloomberg BNA, a publisher of specialized news and information.
The index stood at 98.49 (second quarter 1976 = 100), down from 98.67 in the second quarter. Over the past year, the forward-looking indicator has fluctuated in a narrow range from 98.40 to 98.67.
“The latest reading reflects the general softness of the economy and the lack of robust labor market conditions needed to improve wage growth,” said economist Kathryn Kobe, a consultant to BNA. “There’s a lot of uncertainty around the U.S. election and how and when the federal government plans to remedy the fiscal cliff at the end of the year.”