By Amara Omeokwe and Harriet TorryWage growth moderated in the second quarter and inflation cooled, the latest signs of easing price pressures as the Federal Reserve considers whether to raise interest rates further later this year. Employers spent 1% more on wages and benefits between April and June compared with the prior three months, the Labor Department said Friday. That was a slowdown from a 1.2% increase in the first quarter. The employment-cost index, a measure of wage growth closely watched by Fed officials, rose 4.5% last quarter from a year earlier, a slowing from a 4.8% increase between January and March. Write to Amara Omeokwe at amara.omeokwe@wsj.com and Harriet Torry at harriet.torry@wsj.com(END) Dow Jones NewswiresJuly 28, 2023 09:02 ET (13:02 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal July 28, 2023 19:06 UTC