Wage growth may be stronger than headline figures suggest
San Francisco Fed researchers point to evidence that headline figures may overstate wage weakness
The puzzle of weak wage growth in advanced economies may be starting to resolve itself, at least in the US, shows a study published by the Federal Reserve Bank of San Francisco.
First, US wage growth is starting to look more positive. Annual growth in median weekly earnings hit 4.2% in the second quarter, its highest level since 2008 (see figure 1).
Second, in their blog post, Mary Daly, Bart Hobijn and Joseph Pedtke break the figures down into growth comprising flows into and out of the
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