New York Fed Finds US Wage Growth Slowed Since Oct. 2022 in Most Industries

6 articles · Updated · Fortune · May 27

Most U.S. industries have seen a synchronized slowdown in wage growth since October 2022, leaving pay increases struggling to keep up with inflation, the New York Fed said.
Two areas stood out: public administration and mining and construction, with the latter showing persistently stronger wage gains than the rest of the economy.
The Fed paper linked that resilience partly to sustained construction demand tied to AI data centers, which may be keeping wage pressure elevated in those sectors.
Looking ahead, the economists said wage inflation faces competing forces: construction could keep pushing pay higher, but any broader labor-market weakening would renew downward pressure.

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