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Wage growth declines amid record earnings and employment

Amid record weekly earnings and historically low unemployment, wage growth has failed to fall in line. Low unemployment should lead to increases in wages due to simple supply-and-demand economics, a trend that persisted into early 2017, before reversing.

Wage growth, as measured by the median weekly earnings, was stagnant in 2017, as employers spent the year unsure of the economy’s future and whether their prior hiring run-ups were overdone. The first quarter of 2018 saw a course reversal as wages ticked higher, perhaps driven by the GOP tax law aimed at spurring growth through less corporate taxation.