What's up with wage growth?

Mary Daly, Bart Hobijn and Benjamin Pyle

FRBSF Economic Letter, 2016

Abstract: While most labor market indicators point to an economy near full employment, a notable exception is the sluggish rise of wages. However, this slow wage growth likely reflects recent cyclical and secular shifts in the composition rather than a weak labor market. In particular, while higher-wage baby boomers have been retiring, lower-wage workers sidelined during the recession have been taking new full-time jobs. Together these two changes have held down measures of wage growth.

Date: 2016
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