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The Illusion of Wage Growth

Author

Listed:
  • Erin E. Crust
  • Mary C. Daly
  • Bart Hobijn

Abstract

Despite a sharp spike in unemployment since March 2020, aggregate wage growth has accelerated. This acceleration has been almost entirely attributable to job losses among low-wage workers. Wage growth for those who remain employed has been flat. This pattern is not unique to COVID-19 but is more profound now than in previous recessions. This means that, in the wake of the virus, evaluations of the labor market must rely on a dashboard of indicators, rather than any single measure, to paint a complete picture of the losses and the recovery.

Suggested Citation

  • Erin E. Crust & Mary C. Daly & Bart Hobijn, 2020. "The Illusion of Wage Growth," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2020(26), pages 01-05, August.
    • Handle: RePEc:fip:fedfel:88648
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    File URL: https://www.frbsf.org/economic-research/publications/economic-letter/2020/august/illusion-of-wage-growth/el2020-26.pdf
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    More about this item

    Keywords

    Covid-19; Unemployment; Wages;
    All these keywords.

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