US Wage Growth Plummets as Labor Market Cools

• Wage growth in the US has slowed sharply over the past year, dropping from 9.3% in January 2022 to 3.3% in February 2023

• The pace of wage growth deceleration is "striking," falling by almost 3 percentage points in the past year

• Low-wage sectors have seen the most dramatic slowdown, with posted pay growth plummeting from 12.5% to 3.4%

• Wage growth for high-wage employees has dropped from 8.2% to 2.6%, while middle-wage growth fell from 8.5% to 3.9%

• Economists expect further labor market slowing as higher interest rates from the Federal Reserve impact the economy