Wage growth 15 months after COVID-19 shock is not that strong
|Great recession||2001||COVID shock|
Notes: The average wage growth of the last six months before the previous business cycle peak is set to 100. Wage growth for the next 15 months is expressed as a share of this pre-recession pace. This method of calculating the deceleration normalizes the decline in wage growth by the baseline path that existed before the shock.
Source: Authors’ calculations using data from the Atlanta Federal Reserve Wage Growth Tracker.