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Date: 2024-04-15 Page is: DBtxt003.php L0900-PE-Covid-19-wage-trends-01a
Impact of Covid-19
Most working people are facing economic disaster
COVID-19 ... WAGE TRENDS ... this is from the Federal Reserve
The trend is a historic catastrophe:
Recent job losses due to the COVID-19 pandemic have distorted measures of aggregate wage growth upwards by several percentage points. Therefore, high wage growth captured in aggregate measures should not be seen as indicative of a recovering or a strong labor market. Furthermore, because the current economic disruption differs in character from the Great Recession—most notably in terms of workers exiting to nonparticipation—predictions about the future state of the economy and labor market recovery based on models of the Great Recession must account for these differences.
Economic Letter of the Federal Reserve Bank, San Francisco
Open PDF ... FRBSF-el2020-26-Illusion-of-Wage-Growth
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