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Private sector workers can expect to see 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.
“The labor market is showing signs of slow improvement but has not strengthened enough to cause a pickup in wage growth,” said economist Kathryn Kobe, a consultant to BNA. Private sector wages in the coming months are expected to increase at or near the first-quarter rate of 1.7 percent year-over-year, which was reported by the Department of Labor.