The big monthly jobs report came out today. The good news? Lots of people have jobs. The bad news? Raises are hard to come by.
Today's Indicator is 2.5 percent. That's how much average hourly earnings grew over the past year. After you take inflation into account, that's pretty weak --much less than you'd expect given how low the unemployment rate is. Employers are are having to compete for increasingly scarce workers, so why aren't they offering more money? On today's show: Three theories for why wages are rising so slowly.