Southern California pay hikes one-third smaller this year, according to one index

Here’s more evidence of a cooling Southern California economy: One pay index shows local employers are trimming raises.
According to the U.S. Bureau of Labor Statistics’ employment cost index, Southern California wages and salaries in private industries rose at a 2.7 percent annual rate in the 12 months ended in June vs. 4 percent a year earlier.
Local increases did outstrip the national increase of 2.3 percent. And U.S. wage hikes were moderating, too: down from 2.5 percent for the