MNI BRIEF: US Jan Wage Growth Picks Up For Job Changers -ADP

U.S. private sector wage growth held at a high 7.3% in January and job changers saw slightly faster pay growth at 15.4% compared to 15.1% a month earlier, according to the ADP employment report Wednesday. The leisure and hospitality sector led gains, recording roughly 10% wage growth last month.

For Federal Reserve policymakers looking for signs of cooling in the labor market, "the progress on the wage front hasn't gone far enough," ADP chief economist Nela Richardson told reporters. Wages are still climbing too fast to be consistent with moderating inflation, she said. Some see hope in overall slowing pay growth amid continued employment gains that the U.S. economy could be nearing a soft landing. (See: MNI INTERIVEW: US Labor Market Could Have Soft Landing-Paychex)