Congrats on the Noah Smith tweet! Nice analysis, though shouldn’t we expect wages to rise with quit rates, which have risen across occupation groups? Or are you suggesting it’s a mix shift issue; i.e., job growth is among sectors that still have low quit rates? It’d be interesting to see the job growth and wages for the sectors you broke out to check this.

Also have to mention what seems the most natural explanation: wages are being turned into bonuses, or equity grants. That said, I’ve had trouble verifying how BLS wage data treats these nonwage income components. More going toward healthcare costs also seems plausible.

Written by

Economist. Founder and president of the UBI Center. Studied at MIT and UC Berkeley. YIMBY. Former Google data scientist.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store