Headline RoundupJuly 28th, 2023

Worker Wages Increased 1% in Q2, Bureau of Labor Statistics Reports

Summary from AllSides News Team

The United States Bureau of Labor Statistics reported Friday that wages for civilian workers increased 1% in the second quarter of 2023, a decline from the 1.2% growth in the first quarter of the year.

Details: Stagnating wage growth is being reported as good news for the Federal Reserve, which is working to decrease inflation by slowing the economy. Higher wages mean more spending, which drives up inflation. The main tool the Federal Reserve uses to slow the economy is interest rate hikes, which increase the cost of borrowing money. On Wednesday, the Federal Reserve announced another quarter-point hike, raising interest rates to their highest level since 2001. It is unclear how this new data will impact future decisions by the Federal Reserve, which hinted at potential additional hikes in the near future. Earlier this month, the Bureau of Labor Statistics reported that inflation rose 0.2% in June from May and 3% annually, marking 12 straight months of decreasing inflation. 

How the Media Covered It: The new report received very little coverage from right-rated outlets. The New York Post (Lean Right bias) noted the Bureau of Labor’s statistics in an article Friday to refute statements made by President Biden praising the economy. In left- and center-rated coverage, the statistics were framed as bad news for workers but good news for the economy since they indicate the Fed’s efforts to cool inflation without a recession appear to be working.

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