“Unemployment has plummeted to 3.9 percent, the lowest level since the early 2000s. Earnings calls are replete with chief executive officers bemoaning employee shortages. Small businesses are also feeling the pinch … Despite this, wages are creeping higher rather than making the robust gains a hot labor market ought to produce. Accounting for inflation, paychecks actually shrank in July. The disconnect has surprised Wall Street economists and Federal Reserve policymakers alike.” Bloomberg: What’s Holding Back Wages in America?