There continues to be little evidence that the tightening of the labor market is leading to more rapid wage growth. The average hourly wage increased at annual rate of 2.45 percent in the last three months compared with the average for the prior three months. This is down slightly from a 2.49 percent increase over the last year. The situation is virtually identical for production and nonsupervisory workers, with increases of 2.40 percent over the last three months compared with 2.48 percent over the last year. Read the full Jobs Byte here.