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Global Economics:The wage conundrum

It is one of the most striking economic puzzles of our times: why, when unemployment rates arenear historic lows in so many parts of the western world, is wage growth so sluggish andinflation so subdued? Take Japan: wages there actually fell in the first quarter, even as thejobless rate was dropping towards its lowest level since 1994. In the US, unemployment hasfallen to a 16-year low