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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 preliminary second-quarter wage trend indicator released today by Bloomberg BNA, a publisher of specialized news and information.
The index fell to 98.68 (second quarter 1976 = 100) in the second quarter from 98.73 in the first quarter. Over the past two years, the forward-looking indicator has fluctuated in a narrow range from 98.47 to 98.75.
“The labor market has seen some improvement and increased stability lately, but it’s not enough to absorb the many people who are still out of work,” said economist Kathryn Kobe, a consultant to BNA. “With the federal budget sequester in place and employers uncertain about the costs of the Affordable Care Act, I don’t anticipate the pace of hiring will become stronger anytime in the near future.”