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Federal Reserve Bank of Richmond
Econ Focus
Opinion: Is There a Wage Growth Puzzle?
John A. Weinberg

The Great Recession saw a weakening of labor markets that was, by some measures, the worst since the Great Depression. On an aggregate level, labor markets have since recovered substantially — the unemployment rate has fallen from a peak of 10 percent to just above 4 percent. At the same time, data on wages and hiring highlight something that has puzzled macroeconomists: As the labor market reaches levels consistent with full employment, wage growth seemingly remains slow.

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John A. Weinberg, "Opinion: Is There a Wage Growth Puzzle?" , Federal Reserve Bank of Richmond, Econ Focus, issue 4Q, pages 44-44, 2017.
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Keywords: wage growth
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