November 12, 2018 / 8:24 PM / a month ago

Fed's Daly says wage growth may not reflect unmeasured slack

IDAHO FALLS, Idaho (Reuters) - Slow wage growth probably reflects the fact that people are entering the workforce at below-average wages, San Francisco Federal Reserve Bank president Mary Daly said on Monday, noting that wage growth among people who have held their jobs for a year or more is higher.

Such compositional effects are probably one reason that wage growth is slower than might be expected with unemployment at just 3.7 percent, she said.

Reporting by Ann Saphir; Editing by Chizu Nomiyama

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