How did wage growth perform in the latest US jobs report?

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Wage Growth Showed Modest Gains Amidst Broader Employment Strength

In the latest US jobs report, average hourly earnings experienced a 0.3% increase in February, following a 0.2% gain in January. However, the annual rate of wage growth saw a slight deceleration, falling to 3.0% in February from 3.1% in January. This period of wage growth occurred within a context of robust overall job creation and a declining unemployment rate, prior to the significant economic disruptions anticipated from the coronavirus outbreak.
Monthly Wage Increases

Average hourly earnings saw a 0.3% rise in February. This followed a 0.2% increase recorded in the preceding month of January, indicating continued, albeit moderate, upward movement in wage rates.
Annual Wage Growth Slowdown

The year-over-year increase in average hourly earnings moderated to 3.0% in February. This represents a slight decrease from the 3.1% annual gain observed in January, a shift attributed to a large gain from the previous year falling out of the calculation.
Broader Economic Context

These wage figures were part of a larger employment report that detailed strong job creation, with nonfarm payrolls increasing by 273,000 jobs in February. The unemployment rate also decreased to 3.5%, nearing a 50-year low, and the average workweek extended slightly to 34.4 hours. This data largely reflects the economic conditions before the widespread impact of the coronavirus began to be felt.

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How did wage growth perform in the latest US jobs report?

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