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  "documentTitle": "us executive macroeconomic briefing february 20240223",
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  "notes": "EY-Parthenon slide deck, page 18.",
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      "text": "Looking ahead, we anticipate that wage gains will continue to moderate as the demand for workers softens and comes closer into better balance with a limited pool of available workers.",
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      "text": "Despite the moderation, headline ECI compensation growth rose 0.1ppt to 5.1% y/y, matching its fastest pace since Q3 1990. Encouragingly, private-sector wages and salaries growth eased 0.2ppt to 5.1% and is now 0.6ppt below its 2022 peak.",
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      "text": "The latest monthly data on wage growth was also encouraging, with average hourly earnings growth decelerating to 0.2% m/m in February following 0.3% m/m growth in January. On a year-over-year basis, wages grew 4.6% versus 4.4% in January because of a flat reading for earnings in February of last year.",
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      "text": "Wage inflation remained elevated in the final quarter of 2022, though moderating sequential momentum indicates the pressure has begun to ease. The Employment Cost Index (ECI) posted a 1% quarter over quarter (q/q) advance in Q4, after a 1.3% gain in Q3. And the all-important private-sector wages and salaries gauge advanced 1% q/q – its smallest gain since Q4 2021.",
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      "text": "Looking ahead, we anticipate that wage gains will continue to moderate as the demand for workers softens and comes closer into better balance with a limited pool of available workers. This view is corroborated by our conversations with business executives, which indicate that companies are opting to reduce their hiring efforts and wage bill to keep a lid on labor costs.",
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      "text": "Wage growth: 5.1%",
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      "text": "The moderation in wage inflation should gather pace as the large imbalance between strong labor demand and weak labor supply gradually decrease",
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