The growth in worker pay and benefits has slowed despite low unemployment
The numbers: The lowest unemployment rate in 50 years still isn’t leading to big increases in wages and benefits for American workers.
Yet the increase in wages and benefits in 2019 slowed to a 2.7% pace from a post 2008 recession high of 2.9% in 2018. Other measures of pay and benefits also signal that the growth in compensation appears to have peaked.What happened: Wages rose 0.7% in the fourth quarter. They make up about 70% of employment costs. Benefits make up the rest of worker compensation. They increased 0.5%.Similarly, the increase in benefits slowed to a 2.2% yearly rate from 2.8%.
Read: Economic hit from coronavirus likely to be short lived, but it’s still ‘a little scary, franklyBig picture: With worker pay no longer growing faster, households probably won’t be able to spend much more than they already do.
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