The Federal Reserve Bank of San Francisco shows that “wage growth for continuously full-time employed workers (blue dashed line) has been rising and is currently in line with rates seen at the previous economic peak in 2007.”… Here is the link http://www.frbsf.org/our-district/about/sf-fed-blog/wage-growth-good-news/?utm_source=frbsf-sffedblog-landing-title&utm_medium=frbsf&utm_campaign=sffedblog
Here is the chart:
And this:
“The drag on wage growth due to these flows into and out of full-time work reflects changes in workforce composition associated with demographics and a strong labor
Simply stated, new entrants to full-time work, whether they are entering for the first time, re-entering from periods of involuntary or voluntary non-employment, or moving from part-time to full-time work, are more likely to make below-average wages.
Counterintuitively, this means that strong job growth can pull average wages in the economy down and slow the pace of wage growth.
This is exactly what we have been seeing in recent years. As the labor market has continued to strengthen, many workers have moved from the sidelines of the labor force or part-time positions into full-time employment. The vast majority of these new workers earn less than the typical full-time employee, so their entry brings down the average wage.
This effect is even more pronounced than usual because of the large-scale exit of higher-paid baby boomers from the labor force. With so many of this generation still approaching retirement, the so-called Silver Tsunami will continue to be a drag on aggregate wage growth for some time.”
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