Fed's Dudley says modest wage growth reflects sluggish productivity

Wage growth in the U.S. economy remains modest in part because of sluggish productivity, said New York Fed President William Dudley on Thursday. As U.S. economic leaders consider how to address income inequality, they should also consider how to improve productivity, because that would help raise the level of household income, Dudley said in brief prepared remarks to reporters at his bank's headquarters near Wall Street. Dudley, who always has a vote on the Fed's policy committee, said his bank's economists project continued moderate growth in the economy and further strengthening of the......(read more)

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