By Howard Schneider WASHINGTON (Reuters) -New wage and labor market data released on Friday bolster what Federal Reserve officials have come to both hope and suspect: That rising worker pay and increased labor supply are helping the U.S. economy grow at a modest pace without fanning the inflationary pressures the Fed is trying to squelch. Wages last month rose at a 4% annual rate, extending a slow decline in the pace of pay increases but still above the 3% level policymakers view as consistent with their 2% inflation target. However alongside a recent jump in worker productivity and a moderati…