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Atlanta Fed Wage Growth Tracker Eases Further In January

US DATA
  • Contrary to average hourly earnings growth accelerating from 4.3% to 4.5% Y/Y, the Atlanta Fed's Wage Growth Tracker eased to 5.0% in January, from 5.2% in December.
  • It marked its lowest reading since Dec’21 for the overall unweighted series, although there is oddly less moderation when breaking down by job changers and stayers.
  • Job changers: 5.6%, down slightly from 5.7% in Dec – back to rates seen through Aug-Oct’23.
  • Job stayers: 4.7%, down from 4.9% in Dec – still off the 4.6% low from Nov’23.
  • The figures are a three-month average of the median percent change in the hourly wage of individuals observed 12 months apart.

Source: Atlanta Fed

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