What is happening to US wages?


Nominal wages are growing rapidly in the US, but real wages are not keeping pace. Economists who spoke to Central Banking have a range of views on the effects this will have on the US economy and Federal Reserve policy.

In January 2023, Atlanta Fed figures show year-on-year median nominal wage growth in the US was 6.1%. It grew by the same amount in December 2022, and by 6.4% in November.

Real average hourly earnings fell 1.8% seasonally adjusted, year-on-year in January 2023, the US Bureau of

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