Why aren’t wages rising more rapidly?



January 15, 2020 - 10:05 AM

In 2019, Americans found that snaring a paycheck was easier than growing one.

Even as corporate America continues to hire, wages rose slowly in a tight labor market. In December, we learned Friday, average hourly earnings eked out a meager 0.1% gain over November.

It’s a somber counterpart to word that the U.S. jobless rate held at 3.5% — a 50-year low — last month. Nonfarm employment rose by 145,000, falling short of expectations. Employment growth in 2019 has slowed from the pace of 2018. From that perspective, as one prominent economist put it, “the job market is losing its shine.”

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