U.S. households with income of more than $150,000 a year have an unemployment rate of 3.2 percent, a level traditionally defined as full employment. At the same time, middle-income workers are increasingly pushed into lower-wage jobs. Many of them in turn are displacing lower-skilled, low-income workers, who become unemployed or are forced to work fewer hours, the analysis shows.
The eurozone overall still suffers a jobless rate of 8.8pc, below its 12.1pc peak in 2013 but above its 2008 level of 7.4pc. In the countries with very low jobless rate it is expected that pay growth will start in near future.
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Peter Dixon, Head Economist at Commerzbank states “It certainly appears that there have been structural shifts in the labour market across the industrialised world with the result that wages are less responsive for any given rate of unemployment.
