Immigration Curbs May Be Wrong Way to Boost Weak U.S. Wage Gains
- Employers cite labor shortages yet stay reluctant to lift pay
- Trump’s aim to curb foreigners seen as no help to growth
HSBC's Bloom Sees No Pick-Up in Wages in U.S.
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It’s high time American workers saw bigger paychecks. But President Donald Trump’s plan to do that by limiting immigration may not be the right tool for the goal.
Average hourly earnings rose 2.5 percent in July from a year earlier for a fourth straight month, matching the rate of the past two years, according to Labor Department data issued Friday. While hiring continued at a solid pace and the unemployment rate matched a 16-year low, growth in worker pay has stalled at levels below recent expansions that typically produced gains of 3 percent or faster, even as companies frequently cite labor shortages.