Seems like Joe is doing well.
Lagging pay in a lengthy recovery defied the usual logic. Economists now have a better idea of the reasons and patterns behind the belated bounce.
www.nytimes.com
"For years it was the central question in an otherwise impressive recovery by the American job market: Why aren’t wages rising faster?
Unemployment was low. Hiring was strong. Corporate executives were complaining that they could not find people to fill all of the available jobs. Yet workers’ paychecks were growing only sluggishly, barely outpacing inflation.
And then wage growth suddenly picked up.
Average hourly earnings in April were 3.2 percent higher than a year earlier, the ninth straight month in which growth topped 3 percent, the Labor Department
reported Friday.
Other measures diverge on the exact timing and rate of increase, but not on the basic trend: Wage growth, long stuck in neutral, has at last found a higher gear.
“We’ve spent several years going, ‘Where is the wage growth? Where is the wage growth?’” said Martha Gimbel, an economist for the job-search site Indeed. “And it turns out we just had to wait a few years for the labor market to get tighter.”
Which workers are benefiting?
The recent gains are going to those who need it most. Over the past year, low-wage workers have experienced the fastest pay increases, a shift from earlier in the recovery, when wage growth was concentrated at the top."