President Trump’s tariff regime is about to start suppressing wage growth in the U.S., according to data compiled by Pantheon Macroeconomics analysts Samuel Tombs and Oliver Allen.
The pair admit annual wage growth in the U.S. has been “fairly robust” so far this year—it was 3.7% in August, down from 4.0% the previous December. But, they argue, a key job market indicator recently hit zero, signaling that employers are reducing pay growth when offering new jobs.
