Houston, among others, is one of the cities seeing a bump in wage levels due to a decrease in available talent, according to a report released by the Labor Department in January. At the top is the Minneapolis-St. Paul area with a 4.9% average wage and salary gain. Other cities of note are Dallas, Seattle, and Portland.
The spread of growing labor markets across the nation could determine any changes in the federal interest rate.
The jobless rate is expected to remain steady at 4.9%, but that conflicts with data from cities where employment is considered full employment. The rate hovers around 4 to 4.5%. According to Goldman Sachs economists, inflation rises as unemployment declines. If the jobless rate drops below 4%, the increase could accelerate.
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