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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.