2023 Fourth Quarter Summary: Compensation growth easing to 4.2% but remaining above inflation for the third consecutive quarter, restoring workers’ purchasing power as private-sector pay growth cools while union compensation temporarily accelerates.
2023 Third Quarter Summary: Compensation growth falling from 4.5 percent in the Q2 2023 to 4.3 percent in Q3 but remained above inflation, allowing workers’ real compensation to begin recovering from the inflation-driven losses of 2020–2022.