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Wages are not moving up at a troubling rate that would spark inflation -Breaking

by Mike Robinson

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NEW YORK, (Reuters) – While wages in the United States are increasing, particularly for those at the lower end of the scale, the increase is not at a rate that could cause higher inflation, Federal Reserve Chair Jerome Powell stated Wednesday.

Powell told the House Committee on Financial Services that he had seen wage increases “substantially.” “We don’t see them moving up at a troubling rate that would tend to spark higher inflation, but that’s something we’re watching very carefully.”

Powell said, in part due to stronger fiscal support, that the U.S. is enjoying a greater economic recovery than major economies.

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