Global jobs abound but wage gains stay soft
The disconnect stems from economists and policymakers underestimating slack in the labour market, which augmented the level of full employment
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Washington
WHILE many workers of the world are rallying around the strongest labour market in at least a decade, lacklustre pay growth is keeping their enthusiasm in check.
Jobless rates have been falling across the Group of Seven industrialised economies and are projected to ease further this year, albeit modestly, according to the Geneva-based International Labour Organization's (ILO) flagship worldwide employment and social outlook, released on Jan 22. Unemployment rates in emerging-market nations, meanwhile, are on the cusp of a turnaround after years of weak commodities prices.
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