The Fed can look to the late 1990s for guidance on how to raise wages: Average annual wage growth from 1996–2001 vs. all other years between 1979 and 2017
| Wage percentile | Avg. annual wage growth |
|---|---|
| 0% | |
| 20th percentile | 1.75% |
| Median | 1.66% |
| 95th percentile | 1.96% |
| 0% | |
| 20th percentile | -0.15% |
| Median | -0.02% |
| 95th percentile | 1.01% |
Source: Adapted from Figure C in Josh Bivens and Ben Zipperer, The Importance of Locking in Full Employment for the Long Haul, Economic Policy Institute, July 2018. Wage growth is inflation-adjusted.