The unfinished business of the US recovery

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The latest US jobs reports shows that wage growth remains sluggish with year on year growth coming in at just 1.9% according to the June jobs report. This is despite retailers like Walmart, Target and IKEA all announcing plans to boost wages. The last time unemployment was at current levels (2008) wages were rising about 1.9% annually. Adding to concerns on anemic wage growth is the fact that average US work day is trending higher. A slightly alarming trend for a country that, when compared to other developed countries, averages the 2nd highest annual hours worked per capita. US Secretary of Labor Tom Perez says wage stagnation remains a challenge for the Us economy. “Real wage growth continues to be spotty. And that’s the unfinished business of this recovery.” Article via Quartz here: (VIEW LINK)

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