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In economics the Philips Curve theory states that as unemployment falls inflation rises primarily because of increasing wages.  This of course is one of the items the Fed looks at when it comes to assessing its inflation expectations going forward.  Yet despite the headline 5% unemployment rate wage gains have by and large been hard to come by.  The one notable exception has been the last few quarters that have actually produced some decent wage gains.  Particularly in the first quarter of 2016.

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