But nowadays, of course, political solutions are always embedded in global competition. Well, it is a feature of competition that some respond faster and others more slowly. That is so in this case, too. Enhancing the effectiveness of the labour markets is no zero-sum game in which one country loses the jobs that another gains.
Compensation per hour in the business sector, the most comprehensive measure of wages, increased at a 3 percent pace the past two years, noticeably above the pace earlier in the recovery. We appear to be closing in on full employment.