Wage growth in 2015 was just so-so
Wages are still growing for US workers.
But slightly.
The employment cost index rose as expected in the fourth quarter, with wages increasing 0.6%. Expectations were for the latest employment cost index to show an 0.6% in costs during the fourth quarter.
The ECI report is a more comprehensive measure of wage growth than the average hourly earnings figure released with the monthly jobs report as it takes into account benefits in addition to wages and salaries.
Employment costs rose 2% over the 12-month period ending in December, down from the 2.2% growth seen over the same period last year.
And so while last year the theme was that the ECI outperforming average hourly earnings showed wage growth in the US, the roles have reversed as average hourly earnings were up 2.4% over last year.
As Joe LaVorgna at Deutsche Bank said Friday, "Wage pressures remain non-existent."
The main piece of the labor market puzzle economists have been looking for is wage growth, and so while we've seen some signs of wages perking up Friday's report put a bit of a damper on hopes that things were about to really take off.
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