Wall Street Journal staffer Justin Lahart reports on the paycheck increase and how it will affect the Federal Reserve's future decision-making.

There has been a total wage and salary income raise of about a 5.8% annual rate in the second quarter, instead of the previously reported 2.5%. The revision can cause higher incomes and higher savings rates. However, if they were split evenly, there would have been an increase of over a million jobs in the second quarter. 

Monthly wage and salary figures from the Commerce Department suggest the QCEW has uncovered strength not reflected in the labor market. But it didn’t pinpoint how much came from higher employment or wages, notes Robert Barbera, co-director of the Center for Financial Economics at Johns Hopkins University.

So the job market may be tighter than the monthly jobs report has shown. If that is the case, the Fed, which on Wednesday raised rates for the first time in nearly a decade, may soon feel justified raising them again.

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