The recession reportedly has caused lasting damage to the job market, as wage increases have become increasingly rare.
Companies have become “a lot more reticent about making new investments in the wake of the Great Recession” and the weak eight-year economic recovery that has followed it, Business Insider reported.
Steven Partridge, vice president for workforce development at Northern Virginia Community College (NOVA), says the crisis created what he calls “degree inflation” in job requirements.
“The downturn made everyone push up their education requirements,” Partridge told Business Insider. As workers lost their jobs and tried to find new employment, they considered themselves lucky to take lower-paying ones.
Albert Edwards, market strategist at Societe Generale, admits he was wrong about the prospect of imminent wage increases.
“Talking about wrong, I have to put my hands up. I have been expecting U.S. wage inflation to roar ahead over the past three months to