Report: U.S. Wage Grow Exceeds 6%

U.S. wage inflation has surged over the past year, exceeding 6% annual growth, according to this tracking tool from the Federal Reserve Bank of Atlanta. The median hourly wage for full-time workers was $1.70 higher in April than it was a year earlier. For those working 40 hours a week, that’s an increase of $68 a week — the highest pay hike since the bank started keeping records in 1997.

Scott Sumner with the Mercatus Center at George Mason University says if wages continue growing at this rate while nominal GDP growth slows sharply, “higher unemployment is almost inevitable.” 6/29/2022