Manufacturing Wages, Salaries Grow at Record Pace

Wages and salaries for U.S. private-sector workers continued to soar in Q3, growing 5.2% year over year through September, according to the latest federal data. Benefit costs increased 5% over the period.

Manufacturing wages and salaries also rose 5.2% over the 12-month period, up from 4.9% in the second quarter. It was the fastest pace of growth in the history of the data series, dating to 2001, according to Chad Moutray, chief economist for the National Association of Manufacturers. 10/31/2022