Most measures of nominal wage growth are running at or somewhat above the 3 percent pace, and recent wage gains have been strongest for lowerskilled workers. Moreover, the strength of the labor market appears to have encouraged people to join the labor force and others, who might have left it, to continue working.
Based on a thorough examination of the economic and price situation as well as the market situation both at home and abroad, the Bank will carefully assess the future outlook for economic activity and prices, closely considering the likelihood of its projections as well as relevant risk factors, and will implement its policies in a flexible manner.