US paychecks aren’t growing as quickly. That’s good for the Fed — but not for workers

US wage gains cooled in the second quarter, showing some easing of inflationary pressures, according to data from the Bureau of Labor Statistics released on Friday.

Wages and benefits paid to US workers rose 1% in the second quarter from the prior one, a slightly weaker pace than the 1.2% gain in the first three months of the year.

The Employment Cost Index, a comprehensive measure of employers’ compensation costs, advanced 4.5% in the second quarter from a year earlier, a slower pace than the 4.8% rise earlier in the year.