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Workers: the poor orphans of the US economic boom

A man dressed as the Statue of Liberty wait for tourists to pose for photographs with him in exchange for donations in Times Square on October 8, 2014 in New YorkIt is one of the contradictions of the US economic boom: the unemployment rate has fallen to the lowest level in six years, but workers’ wages have remained almost flat. “Why is wage growth so slow?” the Federal Reserve’s San Francisco branch asked in a research study Monday, calling the stubbornness of wages amid surging growth “unusual behavior”, economically speaking. In theory, the sharp fall in the jobless rate from 10 percent in October 2009 to 5.8 percent today should have sparked firm rises in the pay for the average American worker.

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