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Wage growth beats expectations

Wage growth beats expectations

Wage growth since the Great Recession has remained fairly low, hovering around just 2%. This is most likely not high enough to support the Fed's stated inflation target of 2% year-over-year.

Over the last few months, wage growth has happened at a somewhat faster rate than this, reaching a post-crisis high of 2.5% in December and January. That rate slowed down last month, however, with February's wage growth coming in at just 2.2% since the previous year.

According to the March jobs report, wages grew 2.3% over the last year, a faster rate of growth than in February and beating expectations for 2.2% growth:

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