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The Fed says the tightening job market is pushing up wages across the board, but especially where there is competition.
The Fed’s latest Beige Book report says “tight labor markets were widely noted in most districts,” while wage growth is highest and “concentrated in areas of labor tightness,” the Wall Street Journal reports. One exception to this is the oil patch, where soft labor markets dominate, leaving wage growth behind other sectors.
Fed chairwoman Janet Yellen said a rate hike is likely in the coming months as long as economic indicators remain strong, and seeing as the Fed’s latest report show modest to moderate economic growth across the country, it seems another rate hike is a very real possibility. [WSJ]
