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Economic Report: Wage gains have hit a wall — and that’s not good news for America’s workers

Bloomberg News/Landov
Workers aren’t reaping big pay raises despite the tightest labor market in decades that should, in theory, allow them to earn more.

The U.S. economy showed off its muscles in June with a big snapback in hiring, but wage gains for workers have suddenly turned flabby and threaten to cap economic growth.

The economy produced a lusty 224,000 new jobs last month, easing worries after a paltry 72,000 increase in May.

Read: Hiring rebounds in June, calming worries about the economy

Also Read:Labor market comes roaring back as jobs see ‘nice pop,’ economists say

Hourly pay grew slightly in June, but the increase in wages over the past year remained stuck at 3.1%.

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