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Private sector workers can expect the overall pace of annual wage increases to remain in a holding pattern in the coming months, according to the preliminary third-quarter wage trend indicator released by Bloomberg BNA, a publisher of specialized news and information.
The index now stands at 98.70 (second quarter 1976 = 100), down only slightly from the second-quarter reading of 98.72. Over the past two years, the forward-looking indicator has fluctuated within a narrow range, from 98.47 to 98.75.
“The job market continues to improve very slowly, although employers are still showing a reluctance to add significant numbers of workers to their payrolls,” said economist Kathryn Kobe, a consultant to BNA. Private sector wages in the coming months are expected to increase at or near the second-quarter rate of 1.9 percent year-over-year, which was reported by the Department of Labor.