Everyone can feel the high inflation levels that have been plaguing the U.S. over recent months. Recent data indicates the high inflation levels are cooling at least somewhat. The U.S. Department of Labor (DOL) reported on January 31 that wage and benefit gains slowed in the second half of 2022, after touching the highest reading since current data collection programs began in 2001. Specifically, wage and benefit growth ran at an annualized rate of 4% in the fourth quarter, well below the 5.8% rate recorded early in 2022. Nevertheless, government officials see the recent pace of wage growth as still elevated given the 2% inflation target. Other signs that the labor market is slowing including lay-offs initially concentrated in finance and tech companies, but now spreading.