US Wage Growth Cools in Late 2022, Signaling Job Market Shift
• US worker paycheck growth slowed in late 2022, pointing to cooling in strong job market • Pay and benefits grew 0.9% in Q4 2022, down from 1.1% previous quarter • Slowdown could affect Fed's decision on when to cut interest rates • Cooling wage growth welcomed by Fed as it could ease inflation pressures • Adjusted for inflation, pay still rose 0.9% in Q4 2022, up from 0.6% previous quarter