Many child care providers used the funds to pay their staff. Now that the money is gone, it could affect providers’ ability to recruit and retain workers.
Average hourly earnings rose 4.1% year-over-year in October; the rate peaked near 6% in March 2022. The slowdown in wage growth is helping the Fed wrestle inflation lower.
And that would mean your paycheck's purchasing power would be getting a boost relative to inflation.
That could be a sign that the Fed's interest rate hikes are working and the economy is cooling.
The proposal would most likely affect low-to-middle income earners in supervisory roles.
Average hourly earnings are now rising faster than prices. But two years of high inflation have left many low-income people in a financial hole.
China’s government is making employers pay more into its social welfare system, just as the economy is stalling.
As supply chains normalize and labor demand slackens, prices and wages are cooling off.
Wage growth beat inflation in May and June for the first time since March 2021. But economists say two months do not a trend make.
The federal minimum wage has been the same since 2009: $7.25 an hour.