NEW YORK – In the good-news-can-be-bad-news world of Wall Street, recent data showing growth in employment and wages has worried some investors. Their fear: More jobs and higher wages could spark inflation and prompt the Federal Reserve to continue its march of short-term interest rate hikes.

But the strong employment and pay numbers have become a source of contention on the Street. Some economists and strategists believe the employment and pay picture is less inflationary than the data would suggest.

One of their arguments is that employment figures have more to do with unseasonably warm weather than economic strength, since more construction workers are on the job now than they would be during a colder winter.

Among the data at issue is January’s unemployment figure, which sank to 4.7 percent, its lowest level since July 2001. The four-week average of jobless claims on Thursday fell to its lowest level in six years, according to the Labor Department.

Then, there are employees’ average hourly earnings, which trailed inflation for most workers last year, but rose to $16.41 in January, up 3.3 percent from a year ago.