Economists have noted that areas of the country that saw a larger boom and bust in housing have subsequently fared  2  2  According to the Bureau of Labor Statistics’ (BLS) employment cost index – which measures both wages and the cost of employer-provided benefits – hourly compensation in private industry rose 2-3/4 percent over the year ended in March after having averaged gains of about 2 percent per year during most of the recovery.
However, some other prominent aggregate wage measures have remained softer. For example, the BLS’s average hourly earnings for all employees on nonfarm payrolls have increased 2–1/4 percent over the 12 months through April. BIS central bankers’ speeches  worse economically than other areas of the country. 3 Rhode Island is one such place.