American workers saw their inflation-adjusted pay increase for the fifth consecutive quarter, providing continued relief on household budgets even as the pace of compensation growth moderates from pandemic-era peaks.
Total compensation for private-sector workers rose 3.5 percent in the 12 months ending in September, while inflation increased roughly 3 percent over the same period, according to the Employment Cost Index released Wednesday by the Bureau of Labor Statistics. That left workers with real purchasing power gains of 0.6 percent for wages and salaries and 0.5 percent for total compensation including benefits.
The quarterly data showed…
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