As the Federal Reserve prepares to update economic projections that’ll provide insight into how quickly it anticipates to raise interest rates, policy makers are pointing to muted wage growth as a sign for absent inflation pressures that may slow the tightening pace. Hourly earnings for U.S. private sector, non-supervisory production workers rose 2.4 percent on the year in February, versus an average of 3 percent over the past two decades. Wage growth bottomed out in the third quarter of 2012, three years and a quarter after the economy passed its trough in 2009.

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