And, at 3.7 percent, the unemployment rate is the lowest it has been since 1969. In addition, after remaining stubbornly sluggish throughout much of the expansion, nominal wage growth is picking  1  The views expressed are my own and not necessarily those of other Federal Reserve Board members or Federal Open Market Committee participants.
I am most grateful to Brian Doyle and Edward Nelson of the Federal Reserve Board staff for their assistance in preparing this text. -2up, with various measures now running in the neighborhood of 3 percent on an annual basis.