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Why “Average” Wage Rates May Be Misleading

Much has been made of Fed Chair Janet Yellen’s stance that the labor market still has a lot of slack. That message remained in the Fed’s September communique. As part of her justification, the Chairwoman points to the fact that the average hourly wage rate has remained at or near the “official” rate of inflation, and, therefore, real wage rates have been stagnant. The September jobs report, while showing considerable …Read More