Wages across the country grew 3.4 percent year-over-year in July, according to Bloomberg Businessweek.
This is just slightly below the 3.6 percent year-over-year increase observed in June, which was the fastest wages have grown since 2009, according to the report. Bloomberg notes wages have improved in oil states, which previously dragged down the average national wage growth. Increased wages have also been noted in non-oil states, according to the report.
These changes will increase hourly pay, but not necessarily productivity or volume growth, according to Bloomberg's analysis, which could mean businesses' profit margins will take a hit.
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