After six years of Obamanomics, Federal Reserve Chair Janet Yellen is still citing “stagnant wage growth as a sign of continued problems in the labor market,” and the immediate future isn’t looking much better.
“Average hourly earnings dipped in December, after a nice boost the month before, according to the government jobs report released Friday. Over the year, the gauge rose only 1.7% — just barely over the inflation rate,” according to a report.
As Lynn Reaser, chief economist at Point Loma Nazarene University, pointed out, the decline did not come from increased hiring in low-wage sectors.”
Employers across the board — from manufacturing to financial services — paid lower wages last month.
Also, unfortunately, economists aren’t predicting any significant wage boost soon.