Strong Wage Growth in Q3 Signals Ongoing Inflation Pressures
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U.S. labor costs rose 1.1% in Q3, indicating continued strong wage growth that may keep interest rates high.
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Wage growth remains elevated at 1.2% in Q3 and 4.6% year-over-year.
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Private sector wage growth was 1.1% in Q3 and 4.5% year-over-year.
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State and local government wages jumped 1.8% in Q3, driven by education, health services and public administration.
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Inflation-adjusted wages rose 0.9% year-over-year, slowing from 1.7% growth in Q2.