Real wages—that is, wages adjusted for inflation—have resumed rising after a dip in 2016. This trend reflects tight labor market conditions and increased inflationary pressures. In addition, a number of large employers have reported raising wage rates as a result of the federal corporate tax cuts.
As the labor market has tightened, the number of persons seeking unemployment benefits has dropped. This is a continuation of the long-term trend that began after the end of the Great Recession of 2008/09.
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