While it could be argued that this by and large excludes settlement involving VCs in payment systems, it should be borne in mind that this definition currently does not systematically apply to all FMIs. The situation is similar in the field of securities settlement.
But growth in average hourly earnings (the solid blue line) and the Atlanta Fed’s Wage Growth Tracker (the long-dashed black line) have clearly picked up. 14 In addition, productivity  13  For a discussion of how secular forces may be influencing the trend share of part-time employment, see Valletta and van der List (2015).