The Illusion Of Wage Growth
from the San Francisco Fed
– this post authored by Erin E. Crust, Mary C. Daly, and Bart Hobijn
Despite a sharp spike in unemployment since March 2020, aggregate wage growth has accelerated. This acceleration has been almost entirely attributable to job losses among low-wage workers. Wage growth for those who remain employed has been flat. This pattern is not unique to COVID-19 but is more profound now than in previous recessions. This means that, in the wake of the virus, evaluations of the labor market must rely on a dashboard of indicators, rather than any single measure, to paint a complete picture of the losses and the recovery.
Source: http://econintersect.com/pages/contributors/contributor.php?post=202009060511
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