Wages are growing much slower relative to unemployment
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5%
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0%
Sep-1998
Sep-1998
Mar-2005
Mar-2005
Mar-2008
Mar-2008
Mar-2013
Mar-2013
Mar-2016
Mar-2016
Jun-2020
Jun-2020
Sep-2020
Sep-2020
Dec-2020
Dec-2020
Mar-2021
Mar-2021
Jun-2021
Jun-2021
1998-2012 trend
2016-2020 trend
Unemployment rate
Wages growth
