Strong US Job Market , May Be Cooling With Slower , Growth in Pay and Benefits.br In the last three months of 2023, pay and benefits br for workers in the United States grew at br the slowest pace in two and a half years. .br ABC reports that the trend could impact br the Federal Reserve's decision regarding br when interest rates can start to be cut. .br In the October-December quarter, br the government's Employment br Cost Index (ECI) rose just 0.9.br That figure is down from br 1.1 in the previous quarter. .br Compared to the same time in br 2022, compensation growth br slowed from 4.3 down to 4.2.br ABC reports that economists have suggested br that slowing wage gains could encourage br the Fed to start cutting rates as early as March.br Other economic analysts have forecast br the first cuts to occur in May or June. .br The Fed considers the ECI to be one of the most br important gauges of earnings and benefits br because it offers a measure of "how pay changes br for the same sample of jobs," ABC reports. .br According to the ECI, growth in pay br and benefits peaked at 5.1 br back in the fall of 2022.br At the time, inflation was still on br the rise, reducing the overall br buying power of U.S. consumers.