In December, wage gains slowed from earlier in 2019, with average hourly earnings up 2.9% year over year.
When unemployment is low, wages typically shoot up. But wages are growing more slowly than they did 20 years ago.
A Bankrate.com survey of 1,000 people across the country found only 49% of respondents got a raise in 2019.
"It's really a measure, I think, of worker confidence in the economy," said Tara Sinclair of George Washington University.
According to the Labor Department, the employment-to-population ratio for 25- to 54-year-olds hasn't been this high since 2008.
Labor Department data shows average monthly job creation has slowed significantly since 2018.
The U.S. unemployment rate remains historically low. But that does not mean everyone who wants a job has a job.
U.S. employers slowed their hiring in July but still added a solid 164,000 jobs to an economy that appears poised to extend its decade-long expansion.
The unemployment rate is hovering around a 50-year low, but some companies are still shedding jobs.
The Phillips curve, which describes an inverse relationship between unemployment and inflation, just doesn't seem to be working lately.