US Wage Growth Slows Down, According to Indeed Report

US wage growth has slowed sharply over the past year, with salaries up 5.3% in May compared to the same time last year, according to data from career site Indeed. The deceleration is most pronounced in low-wage sectors, with posted pay for that group tumbling to 5.6% in May from 12.5% at the start of 2022. Wage growth is likely to return to its pre-pandemic range of about 3% to 4% late this year or early in 2024. The Federal Reserve is closely watching wage growth as it fights stubbornly high inflation with the most aggressive rate-hike campaign since the 1980s.