Wage growth is at its highest rate since the Great Recession

Wage growth since the Great Recession has remained fairly low, hovering around just 2%. This is most likely not high enough to support the Fed's stated inflation target of 2% year-over-year.

Over the past few months, wages have grown at a somewhat faster rate than this, reaching a post-crisis high of 2.5% in December, January, April, and May.

According to the June jobs report, released Friday, average hourly earnings grew by 2.6% over the last year, slightly missing expectations of 2.7% year-over-year growth, but the highest rate since the Great Recession.

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