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The quarterly increase in US wages was just 0.2% according to the latest release of the Employment Cost Index.
In fact, it is the lowest on record.
The ECI tracks worker compensation over time, so it has some advantages over competing measures of wage growth (which are also lousy).
Of course, with 93.6 million NOT in the labor force, it is difficult to get wage growth.
Not exactly great news for the housing and mortgage market. With 7,443,580 U.S. residential properties that are seriously underwater, low wage growth is as unwelcome as a scorpion in your shoe in the morning.
Yes, it is part of the great bartender recovery!
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