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But most economists expect higher Social Security taxes have started to weigh on consumers. That should slow economic growth in the second and third quarters. Labor costs, meanwhile, grew only 0.6 percent compared with a year earlier. That means wages aren't growing fast enough to spur inflation. The Federal Reserve closely monitors productivity and labor costs for any signs that inflation could pick up. Mild inflation has allowed the central bank to keep interest rates at record lows in an effort to boost economic growth and fight high unemployment.
[Associated
Press;
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