Despite the lowest unemployment rate in 50 years, employees aren’t seeing large increases in wages and benefits. The employment cost index advanced 0.7% in the fourth quarter, according to the U.S. Bureau of Labor Statistics. That was in line with the MarketWatch forecast.

The rise in wages and benefits in 2019 slowed to a 2.7% pace from a post 2008 recession high of 2.9% in 2018. Other measures of pay and benefits also indicate that the growth in compensation seems to have peaked.

Wages rose 0.7% in the fourth quarter, while benefits increased 0.5%. Wages and salaries have advanced 2.9% in the past 12 months, down from 3.1% in 2018. The increase in benefits slowed to a 2.2% annual rate from 2.8%.