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Private sector workers likely will see little or no increase in the overall pace of annual wage increases in the coming months, according to the revised second quarter wage trend indicator released today by Bloomberg BNA, a publisher of specialized news and information.
The index now stands at 98.72 (second quarter 1976 = 100), virtually unchanged from the first-quarter reading of 98.73. Over the past two years, the forward-looking indicator has fluctuated within a narrow range, from 98.47 to 98.75.
“Current labor market conditions do not provide the environment needed for robust growth in wages,” said economist Kathryn Kobe, a consultant to BNA. “Although it is slowly improving, the overall jobs picture remains modest.”