But one figure may matter more than most…and it’s not the number of jobs added or the unemployment rate. Average hourly wages rose 5.2% over the past 12 months according to the August jobs report. That’s down from a 2022 peak growth rate of 5.6% in March. Before the pandemic, wages typically rose just 3% year-over-year. What’s more, the Fed typically is looking for just a 2% growth rate in the headline PCE number as a sign of price stability.

Source: CNN October 02, 2022 20:02 UTC