Bad news: Pay raises for Americans are getting smaller. The silver lining: That could help bring down prices and ultimately mean less sting for the average worker.
Average wages are up more than 5 percent from a year ago, the fastest pace since Ronald Reagan’s presidency, which has caused concern at the Fed that the trend might accelerate and feed back into price increases. | Steven Senne/AP PhotoWage gains for American workers are beginning to slow, threatening one of the few positive trends for the economy since the pandemic. But that could be good news for the nation’s labor force.
That matters because if prices and wages keep pushing each other up, the Federal Reserve — already under tremendous strain to rein in inflation — might be forced to move even faster to ramp up interest rates, throwing people out of work and thrusting the economy into a painful recession. Instead, slower wage growth could help bring down prices and ultimately mean less sting for the average worker.
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