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The numbers since then suggest two things: The strong gain in hourly pay
reported for the 12 months ended in February looks to have been an anomaly.
And while inflation has picked up since then, reducing the value of workers'
paychecks, worker pay has only barely kept up with the higher prices.
The latest numbers should give pause to any Federal Reserve officials who
see wage pressures as evidence that the economy is overheating. It might
have been arguably true earlier in the year. It might prove true later in
the year, if workers start successfully demanding wage increases in excess
of inflation.
But for right now, the evidence points to more of what we've seen for most
of the last six years: Employees have little negotiating power to demand
higher pay.
By Epictetus
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