CNBC’s latest article quoting DataTrek Research on its work covering JOLTS and slow wage growth:
“Pretty much every single data point emerging from the jobs market these days is signaling that wages should be accelerating — except for actual paychecks.
That looks to be changing soon, even if it’s been a long time coming.
The latest sign came this week, when the Bureau of Labor Statistics said job openings rose to a record 6.6 million positions in March, even if hiring hasn’t been that great lately. Strictly speaking, that should indicate that employers hungry to hire will be forced into paying higher wages to attract workers.
But average hourly earnings growth actually decelerated in April, fueling the continuing conundrum over what’s happening in the labor market.
“All this data signals that wage growth should accelerate going forward,” Nick Colas, co-founder of DataTrek Research, said in his daily market note Wednesday. “Otherwise, the mystery of the missing wage growth will continue.”
Indeed, economists and Federal Reserve policymakers have been in quandary over why wages aren’t higher…..”
Read the rest of the article here on CNBC!