Wage growth is at its highest rate since the Great Recession
Advertisement
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.
Advertisement
Over the past few months, wages have grown at a somewhat faster rate than this, reaching a post-crisis high of 2.5% in December, January, April, and May.
According to the June jobs report, released Friday, average hourly earnings grew by 2.6% over the last year, slightly missing expectations of 2.7% year-over-year growth, but the highest rate since the Great Recession.
Advertisement
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024
- From underdog to Bill Gates-sponsored superfood: Have millets finally managed to make a comeback?
- 7 Things to do on your next trip to Rishikesh