Federal Reserve Chair Janet Yellen and other top economists say productivity is the key to long-run wage growth for American workers. That would be true — if only the fruits of economic expansion were actually trickling to average incomes. International Monetary Fund

“If the labor market continues to improve, we will see some pickup in wage growth, but we have at the moment low productivity growth,” Yellen told Congress in her last official testimony of her term as Fed chair, which ends early next year. “That wage growth would be greater over time if productivity growth picks up.”

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