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Slow wage growth to continue in private sector

September 17 2013

The slow pace of annual wage increases in the private sector likely will continue 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 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.

“Although we are continuing to see slow but steady job growth, there is still a very large pool of unemployed workers, which tends to lower the pressure on employers to raise wages,” 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 U.S. Department of Labor. 

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