The Atlanta Fed's Wage Growth Tracker continued to edge up in March, with the 3-month moving average increasing to 6.0% from 5.8% in February, matching a high going back to August of 1990.
The Atlanta Fed's wage tracker shows gains of 4.5% over the last year, up from 4.3% in February, while the 3-month moving average growth in wages for people identified as having changed jobs was up half a percentage point from the prior month to 7.1%. For those not changing jobs the tracker was at 5.3%, versus 5.4% the previous month.
The Atlanta Fed's tracker is a measure of the nominal wage growth of individuals, using microdata from the Current Population Survey. The Bureau of Labor Statistics' measure of average hourly earnings for all employees was up 5.6% in March over the previous year. Former Fed officials have told MNI that if wages continue to accelerate then that is a sign that the FOMC might need to start leaning against the labor market.
Source: Atlanta Fed