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America’s wage problem is worse than we thought

By Melvin Backman

The economy as a whole might be expanding faster than we thought, but the same can’t be said for wages. The Bureau of Labor Statistics announced some revisions to productivity measures for the last couple quarters, and wages got sharp cuts…

…for businesses generally…

…and in the manufacturing sector.

Weak wage growth has been worrying the Federal Reserve, and its chair, Janet Yellen, has said that the trend would be a big part of the Fed’s decision as to when to raise interest rates.