The U.S. showed off its muscles in June with a big snapback in hiring, but wage gains for workers have suddenly turned flabby and threaten to cap economic...
The U.S. economy showed off its muscles in June with a big snapback in hiring, but wage gains for workers have suddenly turned flabby and threaten to cap economic growth.
Hourly pay grew slightly in June, but the increase in wages over the past year remained stuck at 3.1%. Yearly wage gains hit a post-recession peak of 3.4% in February before tapering off. Wages grew around 2% a year throughout most of the 10-year-old expansion until ratcheting up in the past several years to just above 3%, but that’s still well shy of the 4% rate that often prevails at the height of a boom.Economists have offered lots of theories as to why pay gains have remained mild despite the lowest unemployment rate and fewest layoffs in almost 50 years:
Whatever the case, slow wage growth suggests the U.S. economy hasn’t fully healed even after a record expansion.
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