Wage growth misses expectations
Advertisement
For years after the 2008 financial crisis, growth in average hourly earnings stayed low, hovering at around 2% year-over-year.
Advertisement
This was most likely not high enough to support the Fed's stated inflation target of 2% year-over-year.
However, 2016 saw wages climb at a somewhat faster rate, with average hourly earnings among all private employees growing in a range of 2.2% to 2.6% year-over-year, hitting a post-recession high of 2.9% in December.
According to the June jobs report, wages grew 2.5% from the previous year, falling below economists' expectations of 2.6% and matching the 2.5% rate in May.
Advertisement
Advertisement
- 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.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas