Wages growth when unemployment has been 5.4%-5.8%

3.6%

3.7%

3.5%

3.5%

3.6%

4.2%

3.2%

2.9%

3.0%

3.7%

3.4%

3.2%

2.8%

2.6%

2.2%

2.1%

2.1%

1.9%

1.9%

1.9%

2.0%

2.1%

2.0%

1.5%

Sep-2003

Dec-2003

Mar-2004

Jun-2004

Sep-2004

Mar-2009

Sep-2009

Dec-2009

Mar-2010

Sep-2012

Dec-2012

Mar-2013

Jun-2013

Sep-2013

Dec-2015

Mar-2016

Jun-2016

Sep-2016

Dec-2016

Jun-2017

Sep-2017

Dec-2017

Mar-2018

Mar-2021