This is a day of good news on the inflation front that may not matter to the Federal Reserve, at least for now.

First, compensation costs for private workers were up a seasonally adjusted 1.2% for the first quarter of 2023, according to the Bureau of Labor Statistics. Wages and salaries were up 1.2% as were benefit costs. The 12-month not seasonally adjusted figures were 4.5% for overall compensation, with a 4.7% increase in wages and salaries and 4.1% increase in benefits.

That's a definite slowdown compared to December's 5.1% read on one-year growth in wages and salaries.

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