The rate of wage growth over the last 12 months was 2.5 percent. Furthermore, the average wage for the last three months compared with the prior three months grew at just a 2.3 percent annual rate. While this is a very modest deceleration, clearly it is not possible to make a case that wage growth is accelerating in spite of the relatively low unemployment rate. The average hourly wage for production nonsupervisory workers has risen just 2.4 percent over the last year, making the claims of labor shortages for less-educated works rather dubious. For more, check out the latest Jobs Byte.

Annualized Change in Hourly Wage, 2006 to 2017