These charts are before today’s jobs report, but wage growth has lagged… Here is today’s NYTimes (an underrated business section, by the way):
“But maybe competition for workers isn’t quite as intense as the unemployment rate suggests. The government’s official definition of unemployment is pretty narrow: it excludes anyone who isn’t actively looking for work. Adam Ozimek, an economist at Moody’s Analytics, has found that under a broader definition of unemployment — anyone in the prime working years who isn’t employed, for whatever reason — recent wage growth is in line with historical norms.”
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