Worker wages may be growing faster than traditional economic indicators show, according to a Federal Reserve gauge.
The central bank's Atlanta branch, which also employs a gross domestic product tracker that has become popular in recent months, measures wage growth by tracking the Current Population Survey.
According to the September reading, which is the most recent month for which data is available, worker wages actually rose 3 percent on an annualized basis.
That's a good deal higher than the government's numbers. The Bureau of Labor Statistics, in its closely watched nonfarm payrolls report, indicated that average hourly earnings in September actually edged lower from the previous month and were tracking at just a 2.2 percent gain from the year-ago period.