No sign of wage increases

Josh Wright of Bloomberg LP and formerly on staff at the Fed notes that there's no sign of wage inflation in the data:

So much for wage inflation: 0% this month. Particularly striking given the strong headline and lower participation. pic.twitter.com/9praVXBaOp

— Josh Wright (@JWrightStuff) May 2, 2014

That's terrible news for people with jobs, but in a sense good news for people still looking for work since it means the Fed has no reason to raise interest rates at any point in the near future.

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