Largest U.S. wage increases were in highest-paying sectors in fourth quarter, government data show

The biggest increase in employer-paid wages in the last quarter of 2022 — a pay raise of 1.6% — was in the U.S. economy’s information sector.The overall increase in the employment-cost index, or ECI, which includes wages and benefits, was 1% in the fourth quarter and 5.1% for the year.

The Fed is widely expected to raise its benchmark interest rate by 25 basis points to a range of 4.5% to 4.75% at the conclusion of its two-day meeting on Wednesday. It began raising rates last March in response to rising inflation.Many of the highest-paying jobs are seeing the biggest wage gains. The leisure and hospitality sector has been closely watched as an industry where wages have been growing at a rapid clip over the past two years as the economy emerges from the damaging early stages of the coronavirus pandemic, but the final quarter of 2022 showed a shift away from that growth. Wages grew by only 0.9%, compared with a nearly 2% rate in each of the first three quarters of 2022. “Other services, except public administration” was the sector with the slowest rises in wages, at 0.7%.

Source: Entertainment Trends (entertainmenttrends.net)

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