Fed insider Nick Timiraos cited data indicating that U.S. wage growth over the past 12 months slowed to 3.1% in August, marking a new low for the current cycle. Specifically, wage growth for private sector production and non-supervisory workers was slightly higher at 3.3%. Additionally, an index measuring total weekly wages for private sector workers (which combines hiring, wages, and hours worked) increased by 4.3% year-over-year, nearing pre-pandemic levels, and this metric has shown little change over the past three years.