Wage Growth Seen Slowing in Coming Months, NFIB Survey Shows

The share of small-business owners boosting compensation for their workers fell to a 10-month low of 18 percent in September, signaling slower U.S. wage growth.

A total of 15 percent of managers said last month that they anticipate increasing wages, according to the seasonally adjusted net results of 608 respondents in a survey by the National Federation of Independent Businesses. That’s unchanged from the prior month’s tally, when 22 percent said they had increased pay.

The survey by the NFIB, a lobbying group that says it has 350,000 small and independent business owners as members, was a leading indicator of national wage growth until 2012, when the correlation broke down.

Since the start of 2013, the percentage of smaller companies preparing to pay their workers more increased from as low as 6 percent. Average hourly wages reported by the U.S. Labor Department rose 2 percent in September from the previous year.

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