Pent-up wage cuts an 'important force' during recovery, San Francisco Fed researchers find
Pattern ‘evident nationwide' and 'explains variation in wage growth across industries'
US industries that were least able to cut wages following the financial crisis have experienced relatively slower wage growth during the recovery, according to an economic letter published yesterday by the Federal Reserve Bank of San Francisco.
The pattern is evident nationwide and explains the variation in wage growth across industries, according to authors Mary Daly, a senior vice president in the San Francisco Fed's economic research department, and Bart Hobijn, a senior research advisor.
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