July 14, 2022 16:34 GMT
June saw continued upside pressure on workers' wages, according to the Atlanta Fed's median wage growth tracker which shows a jump to 6.7% in June vs 6.1% in May.
- That's easily the fastest growth in the period covered by the indicator going back to 1983.
- The Fed has been concerned about labor sector tightness as evidenced in part by rapidly rising wages showing an imbalance between labor supply and demand. This reading shows that wages continue to rocket higher and will add further impetus to the Fed tightening cycle.
Source: Atlanta Fed, MNI
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