Welcome to Providence Perspectives! We hope you enjoy reading the first edition of our newsletter and find the content interesting and informative.
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Since the end of the Great Recession in 2009 the unemployment rate has decreased from 10.0% to 5.0%, and over 13 million net jobs have been created. As this chart indicates, wage growth historically increases as the unemployment rate decreases.
This economic principle has remained absent in the present recovery. One reason for the lack of wage growth is that the 5.0% headline unemployment number understates the true employment backdrop.
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