The median U.S. worker enjoyed a pay increase of 3.5 percent year-over-year as of May, according to the Federal Reserve Bank of Atlanta's wage growth tracker.
Wage growth has been accelerating since October, quickening to a pace not seen since January 2009.
"The sure sign of a tight labor market is one where employers are willing to bid up wages to attract talent. The NFIB has signaled this for a while now," said Neil Dutta, head of U.S. economics at Renaissance Macro Research. "The recent break out in the Atlanta Fed Wage Tracker adds to a growing body of evidence."
Note well Austrian-lites: This is nothing at all what a recession looks like.