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MNI INTERVIEW:  Wages Hotter Than Labor Dept Data- Atlanta Fed

(MNI) Washington

People who got new jobs saw 8.5% wage growth in July, up from 7.9% in June, according to the Atlanta Fed Wage Tracker.

U.S. wages rose even more rapidly last month than the Labor Department's average hourly earnings metric would suggest, as workers remained in short supply, Federal Reserve Bank of Atlanta economist John Robertson said in an interview.

The Atlanta Fed Wage Growth Tracker, which monitors people who have stayed in their job for at least a year, was steady at 6.7% in July, a gain well in excess of the 5.2% increase in average hourly earnings indicated by Labor Department data. The tracker showed that people who took new jobs last month won an increase of 8.5%, up from 7.9% in June, and much higher than July’s 5.9% rise for stayers.

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U.S. wages rose even more rapidly last month than the Labor Department's average hourly earnings metric would suggest, as workers remained in short supply, Federal Reserve Bank of Atlanta economist John Robertson said in an interview.

The Atlanta Fed Wage Growth Tracker, which monitors people who have stayed in their job for at least a year, was steady at 6.7% in July, a gain well in excess of the 5.2% increase in average hourly earnings indicated by Labor Department data. The tracker showed that people who took new jobs last month won an increase of 8.5%, up from 7.9% in June, and much higher than July’s 5.9% rise for stayers.

Keep reading...Show less